MIRA
INFORM REPORT
|
Report Date : |
01.03.2007 |
IDENTIFICATION
DETAILS
|
Name : |
RESINOVA CHEMIE
LIMITED |
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Registered Office : |
54 / 38, Naya
Ganj, Kanpur – 208001, Uttar Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
29.09.1995 |
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Com. Reg. No.: |
20-18135 |
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CIN No.: [Company
Identification No.] |
U24131UP1995PLC018135 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
KNPR01524F |
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PAN No.: [Permanent
Account No.] |
AABCR6406N |
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Legal Form : |
Closely Held
Public Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter
and Importer of Resins, Adhesives, Chemicals and Polymers |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED
CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to
meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 200000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well
established company having satisfactory track. Trade relations are fair.
General financial position is satisfactory. Payments are usually correct and as per commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
LOCATIONS
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Registered / Head Office : |
54/38, Naya Ganj,
Kanpur – 208001, Uttar Pradesh |
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Tel. No.: |
91-512-2351023/2363032/2362106 |
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Fax No.: |
91-512-2310630 |
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E-Mail : |
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Website : |
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Area : |
250 sq. ft. |
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Location : |
Owned |
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Factory 1 : |
Industrial Area,
Panki, Kanpur |
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Area : |
12000 sq. mtrs. |
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Location : |
Owned |
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Marketing Office : |
16/81-A, Civil Lines, Kanpur - 208 001, Uttar Pradesh,
India |
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Tel. No. : |
91-512-2331646, 3951918 |
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Fax No. : |
91-512-2331803 |
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Branches : |
F-39, Okhla Indl. Area, Phase-I, New Delhi - 110 020 Fax : 91-11-26818811 Telephone : 91-79-26405663 Fax : 91-79-26406243 India Telephone : 91-33-22802694 Fax : 91-33-22802158 Telephone : 91-40-27802351 Fax : 91-40-27802351 Telephone : 91-2522-276520, 276510 Fax : 91-2522-276510 |
SOLE PROPRIETOR/PARTNERS/DIRECTORS
|
Name : |
Mr. Vijay S
Parikh |
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Designation : |
Director |
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Address : |
54/38, Naya Ganj,
Kanpur – 208001, Uttar Pradesh |
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Date of Birth/Age : |
47 Years |
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Qualification : |
Graduate |
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Date of Appointment : |
29.05.1995 |
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Name : |
Mr. Ramesh Shah |
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Designation : |
Director |
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Address : |
26/95, Karachi,
Khana, Kanpur – 208001 |
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Date of Birth/Age : |
45 Years |
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Qualification : |
Graduate |
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Date of Appointment : |
18.08.1997 |
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Name : |
Mr. Manmohan
Singhania |
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Designation : |
Director |
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Address : |
15-514, Civil
Lines, Kanpur – 208001 |
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Date of Birth/Age : |
48 Years |
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Qualification : |
Graduate |
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Date of Appointment : |
20.07.1998 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of
Shareholders |
No. of Shares |
|
Mr. Vijay S
Parikh |
435487 |
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Ms. Usha Shah |
187250 |
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Ms. Nita V Parikh
|
307675 |
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Mr. Suresh
Chandra M. Parikh |
113813 |
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Ms. Vinita S
Savla |
137188 |
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Mr. Sunil R.
Savla |
2031 |
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Mr. Ramesh Shah |
406 |
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Parikh Resins
Limited |
125000 |
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Shell Organices
Private Limited |
285500 |
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Transcont India
Finvest Private Limited |
237000 |
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TOTAL |
1831350 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer,
Exporter and Importer of Resins, Adhesives, Chemicals and Polymers |
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Products : |
Chemical |
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Agencies Held : |
Bondtite |
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Exports to : |
Africa, Dubai,
Europe and Negotiating |
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Imports from : |
Germany, Korea,
UK, Japan |
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Terms : |
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Selling : |
L/C (60 days) |
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Purchasing : |
L/C (60 days) |
PRODUCTION STATUS
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Particulars |
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Installed
Capacity |
Actual
Production |
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Organic Chemical & Adhesives |
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|
1500.000 M.T. |
4465641.527 Kgs |
GENERAL
INFORMATION
|
Suppliers : |
v
Ellen
Patrotech v
Dhingra
Polychem Industries v
H. K.
Finechem Limited v
Melody
Plastic Products Private Limited v
Mela Tubex
Private Limited v
Silvassa
Plast Universal Chemical India v
Versatile
Chemicals Private Limited |
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Customers : |
Wholesalers,
Retailers and End Users |
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No. of Employees : |
150 |
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Bankers : |
State Bank of
India, Main Branch, Kanpur |
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Facilities : |
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Banking Relations : |
Satisfactory |
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Auditors : |
Shailesh Vishesh
& Company Chartered
Accountants, 24/35, Birhana
Road, Kanpur – 208001, India Tel. No. :
91-512-2312978 E-mail :
svshah_5555@sify.com |
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Associates : |
Parikh Business
Limited Kanpur Line of Business
– Trading of Chemical and others Shell Organics
Private Limited Kanpur Line of Business
– Organic Chemical |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity Shares |
Rs. 10/- each |
Rs. 30.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1831350 |
Equity Shares |
Rs. 10/- each |
Rs. 18.313 millions |
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Add : |
Share Application
Money |
|
Rs. 11.685 millions |
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TOTAL |
|
Rs. 29.998 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
29.998 |
28.588 |
25.563 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
21.971 |
14.174 |
6.855 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
51.969 |
42.762 |
32.418 |
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LOAN FUNDS |
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1] Secured Loans |
26.123 |
7.773 |
6.733 |
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2] Unsecured Loans |
0.443 |
0.443 |
0.443 |
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TOTAL BORROWING |
26.566 |
8.216 |
7.176 |
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DEFERRED TAX LIABILITIES |
0.408 |
0.224 |
0.706 |
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TOTAL |
78.943 |
51.202 |
40.300 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
16.677 |
11.291 |
7.626 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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Sundry Debtors |
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Cash & Bank Balances |
107.585
|
70.709
|
61.476 |
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Other Current Assets |
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Loans & Advances |
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Total Current Assets |
107.585
|
70.709 |
61.476 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities & Provisions |
45.325
|
30.810
|
28.819 |
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Total Current Liabilities |
45.325
|
30.810 |
28.819 |
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Net Current Assets |
62.260
|
39.899 |
32.657 |
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MISCELLANEOUS EXPENSES |
0.006 |
0.012 |
0.017 |
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TOTAL |
78.943 |
51.202 |
40.300 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
Total
Income |
297.260 |
227.617 |
168.175 |
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Profit/(Loss)
Before Tax |
12.282 |
10.421 |
4.900 |
|
Provision for
Taxation |
4.344 |
3.128 |
1.971 |
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Profit/(Loss)
After Tax |
7.938 |
7.293 |
2.929 |
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Total Import |
52.012 |
40.753 |
34.191 |
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Total Expenditure |
284.258 |
216.424 |
133.174 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
PAT / Total Income |
(%) |
2.67
|
3.20
|
1.74 |
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Net Profit Margin (PBT/Sales) |
(%) |
4.13
|
4.57
|
2.91 |
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Return on Total
Assets (PBT/Total Assets} |
(%) |
9.88
|
12.70
|
7.09 |
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Return on
Investment (ROI) (PBT/Networth) |
|
0.23
|
0.24
|
0.15 |
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Debt Equity Ratio (Total
Liability/Networth) |
|
1.38
|
0.91
|
1.11 |
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Current Ratio (Current
Asset/Current Liability) |
|
2.37
|
2.29
|
2.11 |
LOCAL AGENCY
FURTHER INFORMATION
Operations
The company has
been engaged in manufacturing chemical products all over country with Brand
Name and having good response from the domestic markets in all over country and
is planning for export also.
Trade
References
v
Local
Customers
v
Byer A.G.
v
ICI
v
Mitubishi
v
Hindustan Tannery
v
Standaed
Chemicals
Fixed Assets
Air-conditioner,
Building, Computer, Cooler, Cycle, Drum Lifter, Electrical Fitting, Fax
Machine, Fire Extinguisher, Furniture & Fixture, Generator, Invertor, Lab
Equipments, Land, Motor Car, Office Equipment, Plant & Machinery,
Refrigerator, Submersible Pump, Tools Emplements, Typewriter, Water Cooler and
Weighing Machine.
Form 8 Particular for
creation or modification of charges
|
Name of the company |
RESINOVA CHEMIE LIMITED |
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1) Date and description of instrument creating the change |
Agreement for Cash Credit created on 12.12.2000 dt. 05.03.2002 Enhanced limit from Rs. 17.500 millions [dt. 05.03.2002] |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 50.000 millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Stocks of epichlordin, bisphenal a methanol, epoxy resins, dropylenes, glycol polyester resins, phthalic hydroxide, TETA whether row or in process of manufacture |
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4) Gist of the terms and conditions and extent and operation of the charge. |
0.75% int above SBAR with 11% |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of India Canal Road, Kanpur |
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6) Date and brief description of instrument modifying the charge |
Agreement & hypothecation of goods and assets dated 05.03.2005 already registered in favour of SBI Canal Road, Kanpur |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Credit facility over all limit Rs. 50.000 millions other terms and conditions remain same |
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Corporation identity number or foreign
company registrations number of the company
|
U24131UP1995PLC018135 |
|
Name of the company |
RESINOVA CHEMIE LIMITED |
|
Address |
54 / 38, Naya
Ganj, Kanpur – 208001, Uttar Pradesh |
|
This Form is for |
Modification of charge |
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Type of Charges |
Hypothecation |
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Particular of the charge holder |
State Bank of India Canal Road Branch, Kanpur – 208001, Uttar Pradesh,
India |
|
Nature or description of the instrument
creating charge |
Agreement for Cash Credit |
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Date of the instrument creating charge |
05.03.2002 12.12.2000 |
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Amount Secure by the charge |
Rs. 50.000 millions |
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Brief of the principal terms and conditions
and extent and operation of the charge |
Int . : 0.75% above SBAR |
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Description of the property charge whether
it is a charge on |
Stock in trade |
|
Date of instrument creating or evidencing
the charge |
09.05.2006 |
|
Particulars of the Property charged |
Stock of Epicworkyerin, Bisphomal &
Methane Eporu Resins, Propylene, Glyeal, Polyester, Resins, Plethothic,
Anyanide, whether raw or in process. |
|
Brief description of the instrument modifying
the charge |
Supplement Agreement of Loan for increase
the overall limit |
|
Particulars of the present modification |
Increase of overall limit by Rs. 10.000
millions i.e. from Rs. 50.000 millions to Rs. 60.000 millions |
Website Details:
Profile
Subject manufactures a highly
diversified range of adhesives used in varied applications, their products
range from customized Epoxy based adhesives which give excellent strength and
bonding characteristics for specialty applications to commodity adhesives based
on cyanoacrylates, elastomers, PVA etc.
Subject started in 1987 as a
company manufacturing epoxy resins, adhesives were added to their product range
in 1993, based on excellent quality control and R&D facilities a range of
adhesives were developed taking various applications areas into consideration,
in a short span of time they have achieved the distinction of developing the
largest range of epoxy adhesives in the country.
Their manufacturing facilities are
spread over 25000 sq. meters in a prime industrial location near Kanpur
(India), to ensure good manufacturing practices, segregation of production
facilities for every grade and elaborate quality control measures are followed
as per rigid internal systems. Subject is a forward looking organization which
believes in innovation and creativity with the focus always on the customer.
Their strength goes beyond expertise of understanding the chemistry of Resins,
they believe that leadership in this dynamic business can only be achieved
through better understanding of packaging, innovative products and
understanding customer needs over various geographical locations.
Subject is committed towards
quality of products, manufacturing and management practices. The company has
been following the international quality standards in these areas and therefore
has been accredited with ISO 9001:2000 certification.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, 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.44.28 |
|
UK Pound |
1 |
Rs.86.62 |
|
Euro |
1 |
Rs.58.32 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions