MIRA
INFORM REPORT
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Report Date : |
20.07.2007 |
IDENTIFICATION DETAILS
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Name : |
KAMSONS CHEMICALS PRIVATE LIMITED |
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Registered Office : |
Plot No. A /726, MIDC, TTC Industrial Area, Village Mahape, Thane-Belapur
Road, Navi Mumbai, District Thane, Maharashtra |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
23.04.1996 |
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Com. Reg. No.: |
99064 |
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CIN No.: [Company
Identification No.] |
U24100MH1996PTC099064 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMK08312D |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturers and wholesalers of industrial chemicals. |
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 30000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track. Directors are reported as experienced and respectable businessmen.
Trade relations are reported as fair. Business is active. 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 : |
Plot No. A /726, MIDC, TTC Industrial Area, Village Mahape, Thane-Belapur
Road, Navi Mumbai, District Thane, Maharashtra, India. |
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Tel. No.: |
91-22-27615767 / 68 |
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Fax No.: |
91-22-28754438 |
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E-Mail : |
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Website : |
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Factory : |
Unit No. 7, Guru Gobind Singh Industrial Estate, Near Jay Coach, Off
Western Express Highway, Goregaon (E), Mumbai - 400 063, Maharashtra,
India |
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Tel. No.: |
91-22- 2685 4728 / 2685 4808 |
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Fax No.: |
91-22- 2685 4438 |
DIRECTORS
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Name : |
Mr. Raman Lalchand Mehra |
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Designation : |
Chairman and Managing Director |
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Address : |
19, |
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Date of Appointment : |
23.04.1996 |
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Name : |
Mr. Navin Raman Mehra |
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Designation : |
Director |
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Address : |
19, |
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Date of Appointment : |
23.04.1996 |
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Name : |
Mr. Ravin Raman Mehra |
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Designation : |
Director |
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Address : |
19, |
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Date of Appointment : |
23.04.1996 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Raman Lalchand Mehra |
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51000 |
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Mr. Navin Raman Mehra |
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24500 |
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Mr. Ravin Raman Mehra |
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24500 |
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TOTAL |
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100000 |
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Equity Share
Breakup |
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Category |
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Percentage of
Holding |
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Directors of relatives of directors |
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99.60 |
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Other |
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0.40 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and wholesalers of industrial chemicals. |
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Products : |
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GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
50 |
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Bankers : |
Ř
Standard Chartered Grindlays Bank Ř
Abhyudaya Co-operative Bank Limited Administrative Office, |
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Banking Relations
: |
Satisfactory |
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Auditors : |
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Name : |
N. D. Mehta & Associates Chartered Accountants |
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Address : |
Balkrishna Chambers, Office No. 18, 2nd Floor, 1/4, |
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Tel. No.: |
91-22-23441661 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100,000 |
Equity Shares |
Rs.10/- each |
Rs. 1.000
million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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100,000 |
Equity Shares |
Rs.10/- each |
Rs. 1.000
million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
1.000 |
1.000 |
1.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
6.840 |
1.983 |
1.289 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
7.840 |
2.983 |
2.289 |
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LOAN FUNDS |
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1] Secured Loans |
4.912 |
3.941 |
2.661 |
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2] Unsecured Loans |
5.011 |
6.539 |
6.636 |
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TOTAL BORROWING |
9.923 |
10.480 |
9.297 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
17.763 |
13.463 |
11.586 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.449 |
3.037 |
3.451 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
5.024 |
0.100 |
0.050 |
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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 |
2.244
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3.745 |
4.020 |
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Sundry Debtors |
32.030
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18.497 |
13.405 |
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Cash & Bank Balances |
0.292
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0.643 |
0.188 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
1.353
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1.641 |
0.909 |
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Total
Current Assets |
35.919
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24.526 |
18.522 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
26.635
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14.208 |
10.446 |
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Provisions |
0.000
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0.000 |
0.000 |
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Total
Current Liabilities |
26.635
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14.208 |
10.446 |
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Net Current Assets |
9.284
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10.318 |
8.076 |
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MISCELLANEOUS EXPENSES |
0.006 |
0.008 |
0.009 |
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TOTAL |
17.763 |
13.463 |
11.586 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 [Estimated] |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
80.000 |
65.772 |
38.956 |
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Profit/(Loss) Before Tax |
NA |
0.978 |
0.601 |
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Provision for Taxation |
NA |
0.290 |
0.185 |
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Profit/(Loss) After Tax |
NA |
0.688 |
0.416 |
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Earnings in Foreign Currency : |
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Total Earnings |
NA |
$
13444.90 |
N.
A. |
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Imports : |
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Total Imports |
NA |
$
336932.54 & EURO
516.00 |
$
241993.84 & Pound 1534.20 |
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Expenditures : |
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Total Expenditure |
NA |
64.794 |
38.355 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
NA
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1.05 |
1.54 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
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1.49 |
1.54 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
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3.55 |
2.74 |
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Return on Investment (ROI) (PBT/Networth) |
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NA
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0.33 |
0.26 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.66
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8.28 |
8.63 |
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Current Ratio (Current Asset/Current Liability) |
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1.35
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1.73 |
1.77 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets
- Land
- Plant and
Machinery
- Air
Conditioner
- Office
Equipment
- Lab Equipment
- Furniture and
Fixture
- Motor Car
(Esteem LX I, Esteem LX II, Ford Ikon)
- Electric
Installation
- Computer
Bankers Charges
Report as per Registry
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Name of the company |
KAMSONS
CHEMICALS PRIVATE LIMITED |
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Presented By |
Abhyudaya
Co-operative Bank Limited Administrative Office,
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1) Date and description of instrument creating the change |
Agreement of
Hypothecation of Goods and Book debts dated 17.03.1997 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 2.000
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 |
All present and future
goods such as Bytuyl acrulate, manomex, fabre waste of the borrower as well
as book debts due to the borrower. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
To secure
overdraft facility granted by the bank to the borrower Rate of interest
19 % p.a. Margin 40 % |
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5) Name and Address and description of the person entitled to the charge. |
Abhyudaya Co-operative Bank Limited Administrative Office, |
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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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This form is for |
Modification of
charge |
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Charge
identification number of the charge to be modified |
80028198 |
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Corporate
identity number of the company |
U24100MH1996PTC099064 |
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Name of the
company |
KAMSONS CHEMICALS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
Unit No. 7, Guru Gobind Singh Industrial Estate, Near Jay Coach, Off
Western Express Highway, Goregaon (E), Mumbai - 400 063, Maharashtra,
India |
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Type of charge |
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Particular of
charge holder |
Abhyudaya Co-operative Bank Limited Administrative Office, |
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Nature of description
of the instrument creating or modifying the charge |
Hypothecation of
Stock and Book Debts Agreement |
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Date of
instrument Creating the charge |
29.03.2007 |
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Amount secured by
the charge |
Rs. 8.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
: 10.5 % p.a. Terms of
repayment As may be
decided, from time to time, by the bank. Margin As may be
decided, by the bank. Extent operation
of the charge To secure and due
repayment of Cash credit facility of Rs. 8.000 Millions granted by the Bank
to the Company. |
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Short particulars
of the property charged |
All present and
future goods / stock such as Buty / Aerylate, LPO, Ethyl Acelate, Desmodur – W,
2 EHA Vistant – IPOI, Styrene monomer, Poly thf – 1000 M,. A. A. Aerylye
Acid, NMP, TEGO – 902 – W Suprasee – 2038 Cresmer NSV 9, Galaxy – 799, other
of the company. |
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Date of latest
modification prior to the present modification |
21.02.2006 |
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Particulars of
the present modification |
By this
modification, the charge has been enhanced from Rs. 4.000 Millions to Rs.
8.000 Millions on account of additional Cash Credit facility of Rs. 4.000
Million granted by the Bank to the company Therefore the overall
charge now stands at Rs. 8.000 Millions |
AS PER WEBSITE
Subject was incorporated in 1974, is one of the leading manufacturers of acrylic resins and emulsions in the country. Having the plants in and around Mumbai, they produce a wide array of acrylic polymers to cater to construction, paper, textile, paint and leather industry. They always strive to set new standards in terms of delivery, service, technical support and customer awareness.
Realizing the emergence of acrylic and polyurethane polymers as the backbone of the above industries, they emphasize on continuous R&D for niche as well as new generation products.
In Addition to being a trend-setter in several fields, they aim to build long-term partnerships with their customers by adding value to their business. Their well equipped laboratory and their team of highly experienced analysts, enables them to handle complex technical problems related to the development of innovative products. They are particularly sensitive to quality and environmental issues, and they actively support the industry-wide "Responsible Care" initiative. Many of their products are formulated to meet the most demanding ecological requirements of today and tomorrow, and they have a continuing mission to guarantee that they follow the best industry practices in all their operations.
Their plant at Navi Mumbai caters to several industries such as Textile, Paint, Speciality Coatings, Paper Leather, Packaging and Construction Chemicals. Their products here range from acrylic resins for adhesives (Paper Industry) and building protection coatings (construction chemicals) to Styrene co-polymer resins (Paint industry).
In 1996, a major breakthrough was achieved by the development of Water Based Acrylic Co-Polymers for use as an Admixture for cementatious systems. They also introduced a range of state of the art products for Paint Applications, which have been well received by the Paint industry.
They have also successfully developed Polyurethane two component solvent based adhesives for Lamination of various substrates such as Polyester BOPP, HDPE, Aluminium foil, Paper used in packaging industry.
Their recent success has been the development of acrylics for eco-friendly water based Over Print Varnishes (OPV), equivalent to emulsions currently being imported into the country. With the introduction of these Emulsions, they hope to establish a satisfactory import substitute.
In tune with the global trend of replacing solvent based polymer systems with eco friendly water-based systems, they, at KCPL are gearing their selves to meet this challenge. Their research & development activities aim at constantly upgrading and improving their products to meet these requirements.
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
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.40.33 |
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|
1 |
Rs.82.63 |
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Euro |
1 |
Rs.55.65 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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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 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--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 |
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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 |
YES |
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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 |
|
45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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