MIRA
INFORM REPORT
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Report Date : |
07.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
CHEMCRUX ENTERPRISES LIMITED |
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Registered Office : |
T- 7 National Plaza, R. C. Dutt Road, Baroda – 390007, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
15.04.1996 |
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Com. Reg. No.: |
04-29329 |
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CIN No.: [Company
Identification No.] |
U01110GJ1996PLC029329 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BRDC00331C |
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PAN No.: [Permanent
Account No.] |
AABCC1803D |
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Legal Form : |
Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturing of intermediates for bulk drugs and dyes such as ortho chloro benzoic acid, para chloro benzoic acid, 3-nitro 4-chloro benzoic acid, 2,4-dichlorobenzoic acid, etc. |
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 95000 |
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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 : |
T- 7 National Plaza, R. C. Dutt Road, Baroda – 390007, Gujarat, India |
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Tel. No.: |
91-265-2344803/2358903 |
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Fax No.: |
91-265-2332910 |
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E-Mail : |
jayconsultancy@hotmail.com |
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Website : |
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Factory 1 : |
4712-14,
GIDC, Road South 10, Ankleshwar - 393002, Gujarat, India Tel.
No. : 91-2646-221427 / 239737
Contact Person : Mr. Sanjay Marathe E-Mail : sanjay@chemcrux.com |
DIRECTORS
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Name : |
Mr. Sanjay Y. Marathe |
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Designation : |
Managing Director |
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Address : |
Alkapuri, GIDC Colony, Ankleshwar – 393002, Bharuch, Gujarat |
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Date of Birth/Age : |
05.01.1956 |
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Date of Appointment : |
15.04.1996 |
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Name : |
Ms. Neelam Sanjay Marathe |
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Designation : |
Director |
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Address : |
Alkapuri, GIDC Colony, Ankleshwar – 393002, Bharuch, Gujarat |
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Date of Birth/Age : |
30.11.1961 |
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Date of Appointment : |
31.12.1999 |
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Name : |
Mr. Girish champaklal Shah |
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Designation : |
Chairman |
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Address : |
12 Parijatak Society, Tandalja Road, Baroda – 390020, Gujarat |
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Date of Birth/Age : |
29.05.1956 |
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Date of Appointment : |
15.04.1996 |
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Name : |
Ms. Siddhi Girish Shah |
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Designation : |
Director |
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Address : |
12 Parijatak Society, Tandalja Road, Baroda – 390020, Gujarat |
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Date of Birth/Age : |
18.01.1961 |
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Date of Appointment : |
31.12.1999 |
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Name : |
Mr. Shailesh Hashmukh Patel |
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Designation : |
Director |
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Address : |
A 15 Shrinathdam Society, Near Urmi Char Rasta, Dinesh Mill Road,
Baroda – 390021, Gujarat |
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Date of Birth/Age : |
12.01.1958 |
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Date of Appointment : |
30.11.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Girish Champaklal Shah |
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800040 |
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Mr. Sanjay Yashwant Marathe |
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800040 |
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Mrs. Neela Sanjay Marathe |
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10 |
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Mrs. Siddhi Girish Shah |
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10 |
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Girish Champaklal Shah [HUF] |
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10 |
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Sanjay Yashwant Marathe [HUF] |
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20 |
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Mr. Alkesh Champaklal Shah |
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10 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of intermediates for bulk drugs and dyes such as ortho chloro benzoic acid, para chloro benzoic acid, 3-nitro 4-chloro benzoic acid, 2,4-dichlorobenzoic acid, etc. |
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Exports : |
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Countries : |
Middle East, Europe and East Africa |
GENERAL
INFORMATION
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Suppliers : |
Aerochem Industries Ankita Tax Chem Industries Private Limited Arihant Traders Benzo Petro International Limited Bharat Rasayan Limited Bindra Chemicals Divine Carbon & Chemicals Dutt – Chem Enterprise Jakson & Sons K. M. C. Ice Factory Mangalam Enterprises M. B. Sales Corporation Modi Chemical Industries Oscar Chemical Private Limited Perfect Acid & Chemicals Perfect Ice & Coldstorage Sanjay Agencies Shiva Mandeal Private Limited Shivam Products Shree Chemopharma Ank Private Limited Shreeji Lubricants Skau Enterprises Surat Ammonia & Chemical Company Swastik Industries Uma Bio Tech Private Limited Uma Enterprises Uma Trading Company |
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Customers : |
Amarnath Industries Ambar Chemicals Private Limited Brooks Corporation Chem Innova Remedies Private Limited Chemocid [India] Private Limited Dr. Reddy’s Laboratories Limited Hem-Deep Organics Private Limited Hikal Limited Indo Amines Limited Ipca Laboratories Limited Kamadhenu Nutrients Private Limited Mesha Acid & Chemicals Narayan Industries Navdurga Dyes & Chemicals Neon Antibiotics Private Limited Om Intercontinental Orchem Industries Private Limited Prime Organic Rakshit Drugs Private Limited Sarna Chemicals Private Limited Saumya Enterprises Shree Tripura Enterprises Siddhivinayak Dye-Chem S.M.S. Pharmaceuticals Limited Souvenier Chemical Sumilon Industries Limited Supreet Chemicals Private Limited Technichem Organics Private Limited United Products |
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No. of Employees : |
60 |
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Bankers : |
Bank of Baroda, Baroda HDFC Bank, Baroda Nvsarjan Industrial Co-operative Bank State Bank of Saurashtra, Ankleshwar State Bank of Saurashtra, Mumbai State Bank of Saurashtra, Raopura, Baroda State Bank of India Vardhman Bank, Vadodara State Bank of Saurashtra, Station Road, Bharuch - 393 002, Gujarat |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Naresh & Company Chartered Accountants |
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Address : |
201, City Enclave, Near Baroda High School, Opposite Polo Ground, Vadodara
– 390001, Gujarat, India |
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PAN No.: |
AACPM7575C |
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Associates : |
Ř R. S. Developers - Engaged in real estate business Ř S. N. Chemicals - Engaged in manufacturing of chemicals Ř Sanjay Agencies - Acts as a trader |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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3000000 |
Equity Shares |
Rs. 10/- each |
Rs. 30.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
1600140 |
Equity Shares |
Rs. 10/-
each |
Rs. 16.001
millions |
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 |
16.001 |
16.001 |
16.001 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
7.851 |
6.045 |
4.932 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
23.852 |
22.046 |
20.933 |
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LOAN FUNDS |
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1] Secured Loans |
17.428 |
9.854 |
6.651 |
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2] Unsecured Loans |
4.165 |
4.736 |
3.999 |
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TOTAL BORROWING |
21.593 |
14.590 |
10.650 |
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DEFERRED TAX LIABILITIES |
1.073 |
0.744 |
0.500 |
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TOTAL |
46.518 |
37.380 |
32.083 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
32.670 |
33.539 |
25.102 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.377 |
0.305 |
0.335 |
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DEFERREX TAX ASSETS |
0.093 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
4.298
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8.324 |
8.995 |
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Sundry Debtors |
16.826
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8.268 |
6.204 |
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Cash & Bank Balances |
1.547
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1.725 |
0.212 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
2.939
|
3.453 |
2.987 |
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Total
Current Assets |
25.610
|
21.770 |
18.398 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities & Provisions |
12.277
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18.290 |
11.819 |
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Total Current Liabilities |
12.277
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18.290 |
11.819 |
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Net Current Assets |
13.333
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3.480 |
6.579 |
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MISCELLANEOUS EXPENSES |
0.045 |
0.056 |
0.067 |
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TOTAL |
46.518 |
37.380 |
32.083 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
68.608 |
72.095 |
59.301 |
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Increase / Decrease in Stock of Finished
Goods and Work-in-progress |
0.000 |
[3.376] |
0.898 |
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Other Income |
0.000 |
10.152 |
1.730 |
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Total Income |
68.608 |
78.871 |
61.929 |
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Profit/(Loss) Before Tax |
3.648 |
2.709 |
3.063 |
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Provision for Taxation |
0.000 |
1.141 |
1.246 |
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Profit/(Loss) After Tax |
3.648 |
1.568 |
1.817 |
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Expenditures : |
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Raw Material Consumed |
34.938 |
0.000 |
0.000 |
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Increase/(Decrease) in Finished Goods |
0.808 |
0.000 |
0.000 |
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Managerial Remuneration |
0.720 |
0.000 |
0.000 |
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Payment to Auditors |
0.060 |
0.000 |
0.000 |
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Interest |
2.197 |
0.000 |
0.000 |
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Insurance Expenses |
0.389 |
0.000 |
0.000 |
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Power & Fuel |
7.504 |
0.000 |
0.000 |
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Other Expenditure |
12.625 |
0.000 |
0.000 |
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Manufacturing Expenses |
0.000 |
16.176 |
13.621 |
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Administrative Expenses |
0.000 |
4.158 |
3.747 |
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Raw Material Consumed |
0.000 |
37.064 |
33.378 |
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Selling & Distribution Expenses |
0.000 |
0.310 |
1.728 |
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Financial Charges |
0.000 |
1.625 |
0.884 |
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Salaries, Wages, Bonus, etc. |
3.592 |
5.202 |
4.145 |
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Depreciation & Amortization |
2.127 |
1.623 |
1.360 |
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Total Expenditure |
64.960 |
66.158 |
58.863 |
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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 |
(%) |
5.31
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1.98 |
2.93 |
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Net Profit Margin (PBT/Sales) |
(%) |
5.31
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3.43 |
4.94 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
6.25
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4.89 |
7.04 |
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Return on Investment (ROI) (PBT/Networth) |
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0.15
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0.12 |
0.14 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.42
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1.49 |
1.07 |
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Current Ratio (Current Asset/Current Liability) |
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2.08
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1.19 |
1.55 |
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference :
Ř Hoechst Marion Roussel Limited, India
Fixed Assets :
Land
GIDC Quarter
Factory Building
Office Equipment
Plant & Machinery
Electrical Installation
Motor Car
Vehicles
Furniture & Fixtures
Office Premises
Computer
Pollution Control Plant
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Name of the company |
CHEMCRUX ENTERPRISES LIMITED |
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Presented By |
State
Bank of Saurashtra, SSI Branch, Manjalpur, Baroda and Chemcrux Enterprises
Limited |
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1) Date and description of instrument creating the change |
Memorandum of deposit of title deeds dated 16.04.2004 |
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2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 17.250 millions Charge to cover the following facilities aggregating to Rs. 17.250 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 |
Equitable mortgage by way of deposit of title deeds in respect of immovable properties being land situated at GIDC, Ankleshwar bearing Plot No. 4712, 4713-A, 4713-B, 4714 admeasuring about 5130 sq. mtrs. and construction thereon. |
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4) Gist of the terms and conditions and extent and operation of the
charge. |
Term Loan : Margin : 25% Interest : 12.5% p.a. monthly rests Repayable in 60 monthly installments For working capital – as per the sanction advice and documents executed and attached herewith |
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5) Name and Address and description of the person entitled to the
charge. |
State Bank of Saurashtra SSI Branch, Manjalpur, Vadodara |
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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 |
WEBSITE DETAILS
CHEMCRUX was established in 1983 by young technocrats at Asia's largest Industrial Estate - Ankleshwar, Gujarat. Soon after, CHEMCRUX have achieved 20% growth rate per year consistently with high level of QUALITY CONTROL and without loss of single man-hour on account of SAFETY measure. It has fully equipped chemicals testing laboratory and TREATMENT PLANT FOR EFFLUENT LIQUIDS & GASES. The unit has been honored with safety awards for many years.
Thanks to its small and efficient organization, CHEMCRUX is in a position to address customer requirements individually and dependably, and to solve customer problems creatively and efficiently.
They apply their significant degree of know-how and experience to supply their business partners with the desired top-quality products, with services they can really depend on and, whenever necessary, with complete solutions to extensive problems. Open structure of their organization helps them in always looking out for new ways & means to enhance their performance even further.
CHEMCRUX excels in High Pressure Oxidation, Nitration, Acetylation and Chlorosulfonation - manufacturing intermediates for bulk Drugs and Dyes. Many of them are import substitutes manufactured for the FIRST TIME IN INDIA.
Mr. GIRISH C. SHAH
B.E.(Chem),
D.I.I.Sc.(IM)
A chemical engineer with post-graduation in Industrial Management from Indian Institute of Science, Bangalore. Experience of 19 yrs in large & medium scales Chemical Plants in research, management system development, corporate management, project planning & development.
Associated Member with Indian Institute of Chemical Engineers & Life Member of All India Textile Association.
Mr. SANJAY Y. MARATHE
B.E. (Chem), M. Tech(IIT)
A Chemical Engineer with Masters Degree from Indian Institute of
Technology, Powai.
Experience of 18 yrs in Chemical plants Operations & product
development, scaling up & designing of Chemical plants.
Associated with Indian Institute of Chemical Engineers.
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.44.50 |
|
UK Pound |
1 |
Rs.85.86 |
|
Euro |
1 |
Rs.58.39 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
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 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--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 |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
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
|
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 |
|