MIRA
INFORM REPORT
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Report Date : |
13.07.2007 |
IDENTIFICATION DETAILS
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Name : |
ARYAVART CHEMICALS PRIVATE LIMITED |
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Registered Office : |
317 & 319 Arenja Corner, Plot No.71, Sector 17, D B C Vashi, Navi
Mumbai – 400 705, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
29.08.1977 |
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Com. Reg. No.: |
11-19831 |
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CIN No.: [Company
Identification No.] |
U24100MH1977PTC019831 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMA20043C |
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PAN No.: [Permanent
Account No.] |
AAACA6873C |
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Legal Form : |
It is private limited liability company. |
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Line of Business : |
Manufacturing of Paint Driers and PVC Stabilisers. |
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 90000 |
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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
records. Directors are reported as experienced and respectable businessmen.
Trade relations are reported as fair. Business is active. Payments are
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
317 & 319 Arenja Corner, Plot No.71, Sector 17, D B C Vashi, Navi
Mumbai – 400 705, |
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Tel. No.: |
91-22-67912881/ 55912881 |
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Fax No.: |
91-22-67912887/ 80 |
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E-Mail : |
aryavart@bom3.vsnl.net.in, shobhana.nair@aryavart.net, aryavart@vsnl.com, amsco@rediffmail.com |
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Factory 1 : |
Plot No. G-14/3,
MIDC Industrial Area, Taloja, Dist. Raigad, |
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Factory 2 : |
Plot No. N-97, MIDC Industrial, Additional Jalgaon, Dist.
Jalgaon, |
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Branches : |
Located at : v
26/807
v
C/o. Anang H. Parikh, C/12 Akshar Apartments, Vastrapur, Ahmedabad, |
DIRECTORS
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Name : |
Mr. T. V. C. Nair |
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Designation : |
Chairman cum Managing Director |
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Address : |
105, Shilpa Plot No.40,
Garodia Nagar, Ghatkopar (East), Mumbai-400077, |
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Date of Birth/Age : |
28.07.1940 |
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Qualification : |
Science Graduate |
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Date of Appointment : |
29.08.1977 |
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Name : |
Mr. Ajay C Nair |
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Designation : |
Joint Managing Director |
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Address : |
105, Shilpa Plot No.40,
Garodia Nagar, Ghatkopar (East), Mumbai-400077, |
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Date of Birth/Age : |
19.05.1974 |
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Date of Appointment : |
14.10.1994 |
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Name : |
Mr. Harish D Dharamsi |
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Designation : |
Director |
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Address : |
9-1, A-9, |
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Date of Birth/Age : |
17.09.1949 |
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Date of Appointment : |
28.07.2000 |
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Name : |
Mrs. Shobana C Nair |
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Designation : |
Director |
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Address : |
105, Shilpa Plot No.40,
Garodia Nagar, Ghatkopar (East), Mumbai-400077, |
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Date of Birth/Age : |
15.02.1950 |
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Date of Appointment : |
12.12.1987 |
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Name : |
Mr. Anand Drolia |
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Designation : |
Director |
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Address : |
A-408, Shalibhandra Apartment, |
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Date of Appointment : |
17.04.2003 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Mr. T V C Nair |
48890 |
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Mrs. Shobhana C Nair |
21968 |
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Mr. Ajay Nair |
21836 |
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Ms. Uma C Nair |
14285 |
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Dr. G T Vatassery |
20280 |
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Aryavart Securities Private Limited |
6000 |
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Aryavart Holdings |
61401 |
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Mrs. Priya A Nair |
900 |
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Ms. Ambujam Balakrishnan |
1050 |
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Mr. Harish D Dharamsi |
2000 |
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Total |
185400 |
As on 31.03.2006
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Names of Shareholders |
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Percentage of
Holding |
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Bodies Corporate |
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2.70 |
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Directors or their relatives |
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69.58 |
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Others |
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27.72 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Paint Driers and PVC Stabilisers. |
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Products : |
The company’s product ranges are as under: - v Lead Octoate v Calcium Octoate v Manganese Octoate v Zirconium Octoate v Lend Napthenate v Copper Napthenate v Barium Stabilisers v Cadirnium Stabilisers v Zinc Stabilisers v Cobalt Octoate v Calcium Napthenate v Axel v Liquid Stab v Tin Stabilizer v Powder Stabilizer v Metal Salts v Paint Drier Generic Names of the Principal Products of the company are :
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Imports : |
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Products : |
Raw Materials |
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Countries : |
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Terms : |
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Purchasing : |
L/C |
GENERAL INFORMATION
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Bankers : |
main bankers
v The Saraswat Co-operative Bank Limited, Vashi Branch, Navi Mumbai Tel. No.: 91-22-2768 1928 collection bankers
v HDFC Bank Limited, Nariman Point Branch, Mumbai v
The Federal Bank, Vashi Branch, Navi Mumbai, v
ICICI Bank, Vashi Branch, Navi Mumbai, |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
P B Agarwal & Company Chartered Accountants |
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Address : |
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Memberships : |
v Indian Merchants’ Chambers v
All v Basic Chemicals Pharmaceuticals & Cosmetics Export Promotion Council v Institute of Economic Studies |
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Associates : |
Associates -
Stabilizers Northern Zone Aryavart
Chemicals Private Limited
Associates -
Stabilizers Eastern Zone Aryavart
Chemicals Private Limited
Southern Zone ARYAVART
ADDITIVES PRIVATE LIMITED
Associates -
Driers Northern Zone
Associates -
Driers Western Zone
Associates -
Driers Eastern Zone ARYAVART
CHEMICALS LIMITED Associates -
Driers Southern Zone ARYAVART
ADDITIVES PRIVATE LIMITED
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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190000 |
Equity Shares |
Rs.100/- each |
Rs.19.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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185400 |
Equity Shares |
Rs.100/-
each |
Rs.18.540
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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18.540 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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4.067 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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22.607 |
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LOAN FUNDS |
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1] Secured Loans |
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136.056 |
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2] Unsecured Loans |
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59.009 |
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TOTAL BORROWING |
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195.065 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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217.672 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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77.804 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.228 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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84.032 |
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Sundry Debtors |
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50.331 |
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Cash & Bank Balances |
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3.605 |
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Other Current Assets |
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0.000 |
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Loans & Advances |
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27.130 |
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Total
Current Assets |
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165.098 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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24.961 |
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Provisions |
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0.733 |
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Total
Current Liabilities |
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25.694 |
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Net Current Assets |
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139.404 |
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MISCELLANEOUS EXPENSES |
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0.236 |
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TOTAL |
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217.672 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
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Total Income |
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333.482 |
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Profit/(Loss) Before Tax |
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(3.663) |
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Provision for Taxation |
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0.000 |
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Profit/(Loss) After Tax |
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(3.663) |
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Expenditures : |
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Interest |
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17.127 |
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Depreciation & Amortization |
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6.738 |
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Other Expenditure |
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313.280 |
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Total Expenditure |
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337.145 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
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PAT / Total Income |
(%) |
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(1.09) |
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Net Profit Margin (PBT/Sales) |
(%) |
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(1.09) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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(1.51) |
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Return on Investment (ROI) (PBT/Networth) |
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(0.16) |
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Debt Equity Ratio (Total Liability/Networth) |
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9.76 |
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Current Ratio (Current Asset/Current Liability) |
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6.42 |
LOCAL AGENCY FURTHER INFORMATION
Form 8 Particular for
creation or modification of charges
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Name of the company |
ARYAVART
CHEMICALS PRIVATE LIMITED |
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Presented By |
ARYAVART CHEMICALS
PRIVATE LIMITED |
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1) Date and description of instrument creating the change |
Agreement of hypothecation of movable property dated 03.03.2004 for cash credit facility. Agreement of hypothecation of movable property dated 03.03.2004 Agreement of hypothecation of movable property for L/C on D/A basis dated 03.03..2004 Agreement dated 03.03.2004 for bank guarantee facility (all above agreements constitute a single charge) |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.104.900 millions for following facilities : (Rs. In millions)
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of all the plant and machinery socks and debtors, tangible movable property including the stock for the time being whether new or manufactured or in the process of property/ machinery/ plant (both present and future) belonging to the borrower and lying and being at borrowers place of business at Vashi, Taloja and Jalgaon. Collateral Security
: Equitable mortgage of the factory land and building at G-14/3, MIDC Industrial Area, Taloja Equitable mortgage of Plot No.N-96-97, Additional Jalgaon Industiral Area, Jalgaon Hypothecation of plant and machinery and futurities and fixtures at Taloja Factory; Equitable mortgage of office premises at 319, Arenja Corner, Sector 17, Vashi Hypothecation by way of first charge all outstanding book debts, money receivables, claims and approved book debts, due to the borrower, and bills hich are now due tan owing or which may at any time hereafter become due and owing to the borrower by any person, firm, company or 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. |
Loan repayable on demand Interest for term loan @ 12% p.a.
subject to revision by Reserve Bank of Borrower to insure the securities |
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5) Name and Address and description of the person entitled to the charge. |
The Saraswat Co-operative Bank Limited, Madhushree, Plot No.85, Sector 17, Vashi, Navi Mumbai-400703 |
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6) Date and brief description of instrument modifying the charge |
02.12.2005 Deed of hypothecation for additional advances (supplementary deed) dated 02.12.2005 Deed of hypothecation for enhancement of D/A, L/C limit (Supplementary deed) dated 02.12.2005 Both the agreements constitute a single charge |
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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. |
2nd modification on 02.12.2005 : The original charge which was created on 03.03.2004 for Rs.104.900 millions (Registered on 01.04.2004 under serial No.116) and 1st modified on 15.06.2005 for Rs.111.400 millions (Registered on 05.07.2005, under serial No.B-130) ; Is now further modified for securing revision of facilities as under : (Rs. In millions)
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HISTORY
The company was incorporated on 29th August, 1977 at Mumbai
in
The company was then converted into a Deemed Public Limited
company.
Again, it was converted in to a private limited company
BUSINESS
The company is engaged in manufacturing of Paint Driers and PVC
Stabilisers.
The company has an installed capacity of 20,000 TPA per annum.
The company is a Registered Small Scale Industry.
The company is in trade terms with :
v
Anupam Packaging
v
Aryavart Additives Private Limited
v
Emson Chemical Industries
v
National Enterprises
v
Sagar Speciality Chemicals Private Limited
The company employs around 50 persons in its set up.
The company operates from a caption owned office premises of are
admeasuring 1,100 sq.fts. and caption factory of area admeasuring 600 sq.fts.
is also owned by the company.
The company’s fixed assets of important value include land, factory
building, plant & machinery, electrical equipment, fire fighting, furniture
& fittings, office equipments, office premises, motor car, commercial
vehicle, computer, air conditioners, lab equipment and effluent treatment.
INDUSTRY
The chemical industry which had been on a path of high growth since
liberalisation, slowed down in FY’97. Year-on-year growth rate in Index of
Industrial Production (IIP) for chemical production in FY’96. This slowdown has
been attributed to a number of reasons. The overall slowdown in economy,
including that of the agriculture sector has bad on impact on the chemical
industry. The impact of reforms on the industry has also been severe.
The industry is likely to continue to be a net importer although imports
may be lower in the coming year due to larger capacities in the domestic
market. The competitiveness of the industry will be severely tested as import
duties on the furnished products come down further and foreign major seek to
establish a toehold in the country.
Website Details :
Subject, the flagship company of Aryavart Group was established in 1974
at Panvel near Mumbai by a group of technocrats. Manufacturing activities
started with an Anti Skinning Agent with total indigenous raw materials and
later on Paint Driers were added up. Excellent customer support prompted a
requirement to increase capacity and forced subject to shift its manufacturing
facilities to the Taloja Industrial Estate in 1978. By now, Subject's drier
range covered all the relevant metals in Octoates & Naphthanates.
Continued customer support further prompted Subject to continuously expand its
facilities to the current level which has culminated in Subject setting up a
hi-tech plant to manufacture 12000 MT per annum of Paint Driers at Jalgaon.
This plant is fully automatic & operations are controlled by PLC's and
computers. International trade magazines have taken note of this plant.
In 1985, Subject diversified into the new business of PVC stabilizers with the
launch of its INSTABEX range of liquid stabilizers. Subject launched INSTABEX
IC, a Lead Stabilizer in liquid form for the first time in
In 1993 subject entered into the manufacture of Lead based Powder Stabilizers
by setting up an ultra modern plant at Jalgaon in
In 1997, Subject became the first Drier & liquid PVC Stabilizer
manufacturing unit in
Subject has always had a great history of technical innovation which
have been unmatched in the industries that they operate in. Subject is one of
the pioneers in the field of Metal Carboxylates which were started primarily as
an import substitute. Since then Subject's endeavors have been to constantly
innovate both in terms of bringing world scale products to the market as well
as to innovate in providing cheaper solutions to customers.
Subject has an impressive list of firsts to its name which are listed below:
One of the pioneers in metal Carboxylates manufacture in
In 1985, Subject launched INSTABEX IC, a Lead Stabilizer in liquid form for the
first time in
Constant benchmarking of international products has allowed Subject's products
to cover the full range of mixed metals like Ba-Cd, Ba-Cd-Zn, Cd-Zn, Ba-Pb,
K-Zn, Ba-Zn, Ca-Zn, Pb and off course Tins.
Subject started working on One-Pack Stabilizers for PVC Pipes in 1993 and in
1994 launched
Subject's INSTABEX C-2 is currently the number 1 brand in One Packs for Pipes
in
In 1997, Subject became the first and only Drier & liquid PVC Stabilizer
manufacturing unit in
Today Subject is poised on the verge of a high growth rate due to its
continuous commitment to excellent service, competitive prices and up to date
technology. This commitment and constant investment has resulted in Subject
being one of the cheapest cost manufacturers of these products in the world.
Subject is also looking to expand its world wide marketing network and wishes
to sell its products in all the major markets of the world.
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.40.38 |
|
|
1 |
Rs.82.04 |
|
Euro |
1 |
Rs.55.56 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
48 |
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 |
|