MIRA
INFORM REPORT
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Report Date : |
14.07.2007 |
IDENTIFICATION DETAILS
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Name : |
CHEMICAL CONSTRUCTION INTERNATIONAL PRIVATE LIMITED |
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Registered Office : |
205, Kusal Bazar,
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
22.11.1973 |
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Com. Reg. No.: |
55-6962 |
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CIN No.: [Company
Identification No.] |
U74899DL1973PTC006962 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELC06785C |
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PAN No.: [Permanent
Account No.] |
AAACC0292M |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Setting up
Turnkey Projects. |
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 48000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well
– established and reputed company having 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
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Registered Office : |
205, Kusal Bazar,
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Tel. No.: |
91-11-26419399 |
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Fax No.: |
91-11-26520514 |
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E-Mail : |
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Website : |
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956/56, |
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Tel. No.: |
91 44
25991249/25992359 |
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Fax No.: |
91 44 25991734 |
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E-Mail : |
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Corporate Office : |
J-12 (Basement), SAKET, |
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Tel. No.: |
91-11-29552471,
29555472, 29555062, 29555077 |
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Fax No.: |
91-11-29552514 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. V Nambiar |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
10.08.1945 |
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Date of Appointment : |
30.09.2004 |
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Name : |
Mr. Nambiar P |
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Designation : |
Director |
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Address : |
K – 639, Sainik
Farm, |
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Date of Birth/Age : |
14.07.1944 |
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Date of Appointment : |
30.09.2004 |
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Name : |
Mr. Pradeep Verma |
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Designation : |
Director |
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Address : |
B 1/50, II Floor, Malviya Nagar, |
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Date of Birth/Age : |
11.09.1963 |
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Date of Appointment : |
01.04.2006 |
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Name : |
Mr. Tenisseri Veetil Padamanabhan |
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Designation : |
Director |
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Address : |
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Name : |
Mr. Odayamadath Padmanabhan Nambiar |
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Designation : |
Independent Director |
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Address : |
K – 639, Sainik Farm, |
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Date of Birth/Age : |
14.07.1944 |
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Date of Appointment : |
02.08.1979 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Nambiar P |
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11505 |
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Mr. V Nambiar |
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11505 |
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Ms. Leela Nambiar
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10 |
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Ms. Nirmala
Nambiar |
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10 |
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Category |
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Percentage of
Holding |
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Directors or
relatives of directors |
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49.90 |
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Other top
fifty(50) shareholders (other than listed above) |
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50.10 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Setting up
Turnkey Projects. |
GENERAL INFORMATION
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Suppliers : |
v
Aerotech
Engineering India Private Limited v
AKP
Automation Private Limited v
Chandra
Helicon Pumps Private Limited v
Chempro
Consultant v
Digital
Promoters India Private Limited v
Flexican
Bellows & Hoses Private Limited v
Greaves
Cotton Limited v
Kavita
Engineering Industries Private Limited v
Mazda
Limited v
Membrane
Filtration Systems Private Limited v
Power
Build Elecon Gears Limited v
Rajan
Electricals Private Limited v
Reliable
Engineering Corporation v
Riceo
Industries Limited v
Samson
Controls Private Limited v
Scientific
Device Bombay Private Limited v
Sharpenn
Technologies Private Limited v
Sungrace
Agro Process Private Limited v
Thermax
Limited v
Thermoline
Engineers Private Limited v
Ventilair
India Private Limited |
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Customers : |
v
Godrej
Agrovet Limited v
R R L
(Godrej Agrovet Limited) v
R R L
(Balaji Oil) v
United
Engineering (Easten) Corporation |
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No. of Employees : |
180 |
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Bankers : |
v
Bank
of v
Indian
Bank v
Punjab
National Bank, v
ICICI
Bank |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Ashok Nanda and Associates Chartered Accountants |
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Address : |
C – 22, Defence Colony, |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25000 |
Equity Shares |
Rs. 100.00 each |
Rs. 2.500 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
23030 |
Equity Shares |
Rs. 100.00 each |
Rs. 2.303
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.303 |
2.303 |
2.303 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
9.818 |
8.594 |
6.679 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
12.121 |
10.897 |
8.982 |
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LOAN FUNDS |
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1] Secured Loans |
17.392 |
17.018 |
12.865 |
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2] Unsecured Loans |
1.753 |
2.736 |
2.024 |
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TOTAL BORROWING |
19.145 |
19.754 |
14.889 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
31.266 |
30.651 |
23.871 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
5.298 |
4.759 |
5.230 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
1.440 |
0.979 |
0.961 |
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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 |
0.000
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0.000 |
23.006 |
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Sundry Debtors |
11.791
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10.228 |
8.387 |
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Cash & Bank Balances |
18.054
|
6.725 |
2.855 |
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Other Current Assets |
119.970
|
83.742 |
58.228 |
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Loans & Advances |
8.466
|
14.513 |
14.860 |
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Total
Current Assets |
158.281
|
115.208 |
107.336 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
129.225
|
89.531 |
63.751 |
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Provisions |
4.528
|
0.764 |
25.905 |
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Total
Current Liabilities |
133.753
|
90.295 |
89.656 |
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Net Current Assets |
24.528
|
24.913 |
17.680 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
31.266 |
30.651 |
23.871 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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|
31.03.2004 |
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Sales Turnover [Including other income] |
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141.053 |
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Profit/(Loss) Before Tax |
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3.622 |
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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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3.622 |
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Total Expenditure |
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139.213 |
KEY RATIOS
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PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
NA
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NA |
2.56 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
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NA |
2.56 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
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NA |
3.21 |
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Return on Investment (ROI) (PBT/Networth) |
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NA
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NA |
0.40 |
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Debt Equity Ratio (Total Liability/Networth) |
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12.61
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1.10 |
11.63 |
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Current Ratio (Current Asset/Current Liability) |
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1.18
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1.28 |
1.19 |
LOCAL AGENCY FURTHER INFORMATION
Performances
Company had finalized two foreign projects
during the financial year one is
Future
Outlook
The year 2003-2004
the company finalized two overseas contracts for supply and creation of solvent
extraction plant with the overseas buyers. Company is also negotiating some
other overseas project during the current year.
Fixed
Assets
v
Air
Conditioners
v
Car
v
Computer
v
Fax
Machines
v
Generator
v
Mobile
Instrument
v
Motor
Cycle
v
v
Type
Writer
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Name of the company |
CHEMICAL
CONSTRUCTION INTERNATIONAL PRIVATE LIMITED |
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Presented By |
Mr. O P Nambiar |
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1) Date and description of instrument creating the change |
Term loan agreement dated 25.08.2003 Hypothecation of assets to secure term loan agreement dated 25.08.2003 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 1.425 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 |
J-12 (Basement), SAKET, Purchand on 25.08.2003 |
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4) Gist of the terms and conditions and extent and operation of the charge. |
As per term loan agreement dated 25.08.2003 attached Monthly installments Rs. 0.049 million and 14.5% OBR minimum PTLR Plus 3% |
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5) Name and Address and description of the person entitled to the charge. |
Punjab National
Bank, |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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. |
Not Applicable |
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Name of the company |
CHEMICAL
CONSTRUCTION INTERNATIONAL PRIVATE LIMITED |
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Presented By |
Mr. O P Nambiar |
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1) Date and description of instrument creating the change |
Charge Registered on 25.03.2004 on
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2) Amount secured by the charge/amount owing on the securities of charge |
PCL Rs. 3.000 millions FOB NLC Rs. 7.500 millions Guarantee Rs. 1.250 millions |
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3) Gist of the terms and conditions and extent and operation of the charge. |
As per Agreement dated 16.02.2004 |
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5) Name and Address and description of the person entitled to the charge. |
Senior Manager Punjab National
Bank, |
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6) Date and brief description of instrument modifying the charge |
Hypothecation (Car Loan) for Rs. 0.990 million dated 23.12.2005 |
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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. |
Hypothecation of car @ 7.5 % installment per annum with a monthly installment of Rs. 0.015 million for 84 months. |
As per Website Details
The Company was started in 1944
as a proprietary concern by its founder Shri T V P Nambiar to service the
Edible Oils and Fats Industry in
From being a supplier of Batch Extraction plants and Batch Refineries in the
early 40’s, they have incorporated the latest European technologies in the
design of oil processing plants, spice oils and oleoresins, fatty alcohols and
vegetable proteins.
Our scope includes:
a) Interesterification to produce Tailor made Fats
b) Upgradation of low value Tree seed oils for Industrial/Edible use for
BIODIESEL.
c) Fibre Digestion in Oilseed meals to enhance Protein content for use in
Animal feeds.
d) Extraction of oleoresins/herbs/flavours.
e) Recovery of Tocopherols & Vitamin E from Deo Distillates.
From
Technologies
They supply Turnkey Plants and/or unit equipment for continuous
solid/liquid extraction from percolatable prepared raw materials and/or
intermediate products of various industries.
Raw materials preparation
for extraction. Carrousel Extractor in corrosion-proof, pressure-proof or other
special design. DT or DTDC for Drying and Cooling.
Miscella Separation by distillation.
Solvent recovery from exhaust air in Exorber System.
Physical
& Chemical Refining Systems
Of Oils/Fats in
continuous centrifugal systems using Caustic Soda. The system incorporates
Westfalia Centrifuges. In specially designed double shell Stainless Steel
Deodorizers with Fatty Acid recovery. All Refineries have SS Continuous
Bleaching Systems.
Hydrogenation
And Modified Fats
Complete or partial
hydrogenation in high efficiency Loop Recirculation Autoclaves for Oils/Fatty
Acids.
Extraction
of natural spicies, florals, and Herbs using Gas based under pressure with low
pressure with low residual solvents in extracts free of Pesticides, Bacterial
contaminationand Adultrants.
For efficient
Extraction of red palm oil from FFB's using Sterilizers, Digesters, Presses, 3
stage clarification and Palm Kernel recovery with co-generation of power.
Production of Soya
Concentrates and Soya Isolates.
Production of TVP and meal analogs.
Mixed Tocopherols &
Vitamin E from Deodistillates
Lecithin Recovery Plants
Wax Recovery Plants
Molecular Distillation Systems For Recovery
Of Mixed Tocs From Deo-Distillates, Conversion to Vitamin E.
Efficient utilization of high FFA oils, acid oils and non
edible oils.
To produce Methyl Esters.
To produce Bio-Diesel.
To convert Methyl Esters to Fatty Alcohol.
Capacity : 10 to 100 TPD
Fats
Splitting, Fatty Acid, Distillation/Fractionation
To produce high grade Fatty Acid, Specialty products by
splitting of fats and oils for toilet soap and other industrial products.
Capacity : upto 100 TPD.
To produce pharma grade glycerol from sweet water & soap
lye crude upto 10 TPD.
Services
FABRICATION
workshops owned by the Company in Madras and those taken on contract for
fabrication of equipment manufacture all Carbon Steel, Stainless Steel 304 and Stainless
Steel 316 pressure and non-pressure vessels.
Fabrication codes adopted depend on the joint requirement; Engineers of the
Company are familiar with ASTM, DIN and BS specification, as required.
For their export projects
all equipment inspection is by SGS. They offer 100% Radiography and other non
destructive testing. The plants supplied by the Company incorporate, among
other items, the following specilized equipment from their shops in
ENGINEERING
The Company has received extended basic engineering for projects in
EQUIPMENT IMPORT
The Company has received specialized equipment from these companies.
ERECTION AND START UP SERVICES
The
Company has coordinated erection inspection and visits of overseas technicians
and inspection agencies.
The Company has provided supervision from its own technical staff at site for
the full duration of the project from site preparation till commissioning. It
also provides site services like cranes, jigs and skilled workers for erection
and for testing and tagging equipment as ready to run.
Overseas
Projects
THERE
ARE VARIOUS PROJECTS THAT ARE BEING PUT-UP WORLD WIDE. A BRIEF LIST OF ELEVEN OF
OUR PROJECTS THAT ARE BEING DEVELOPED IS GIVEN BELOW.
|
Glycerine Distillation |
Glycerine Plant |
|
Soya Protein Complex, Protein Group, |
Soya Protein Complex |
|
CHUMAK Company, |
Extraction Plant |
|
Southern Oils Limited, |
Extraction Plant |
|
Barkath Chemicaos Foods Sdn. |
Palm Oil Refining |
|
Philind Oil Inc. |
Coconut Processing |
|
Shree Guhysewari Solvent (P) Ltd. |
Extraction |
|
Nepal Vegetable Ghee Industries Ltd. |
Vegetable Ghee Plant |
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|
Salseed Solvent |
|
Strait Food (Pte.) Ltd., |
Palm Kernel Solvent |
|
Cimmco International Ltd. |
Copra Extraction Plant |
|
Dan Tata Associates, |
Solvent Extraction |
|
Phoenix Rice Oil Corporation |
Solvent Extraction of |
|
TSH Industries Ltd., |
Coca Nibs Extraction |
|
Cimmco International |
Refinery |
|
C/o Mecpro Eng. Ltd., |
Refinery |
|
N. E. C. Ltd, |
Refinery |
References
Over 250 projects have been
set up by the Company on a TURNKEY basis in
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. 40.47 |
|
|
1 |
Rs. 82.08 |
|
Euro |
1 |
Rs. 55.74 |
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 |
NO |
|
--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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|