MIRA
INFORM REPORT
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Report Date : |
07.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
NARMADHA CHEMICALS PRIVATE LIMITED |
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Registered Office : |
RS No. 94/1, Embalam Main Road, Sembiapalayam Village, Korkadu Post, Villianur
605110, Pondicherry, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
25.04.1997 |
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Com. Reg. No.: |
59-1318 |
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CIN No.: [Company
Identification No.] |
U24241PY2005PTC001318 |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturer of Detergent Soap, Detergent Powder, Toilet Soap,
Shampoo, Acid Slurry, Spend Acid and Sodium Silicate |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average/normal. |
Small |
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Maximum Credit Limit : |
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Status : |
Small Company |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a restively small company having satisfactory track.
Directors are reported as experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are however
reported as usually correct and as per commitments. The company can be considered for small business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
RS No. 94/1, Embalam Main Road, Sembiapalayam Village, Korkadu Post, Villianur
605110, Pondicherry, Tamilnadu, India
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Tel. No.: |
91-413-2668735 |
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Fax No.: |
91-413-2668431 |
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E-Mail : |
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Corporate Office : |
Sri Jayalakshmi Apartment, 62-B, North Boag Road, T. Nagar, Chennai –
600017, Tamilnadu, India |
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Tel. No.: |
91-44-28152377 |
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Mobile No.: |
91-9444152277 |
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Fax No.: |
91-44-28159698 |
DIRECTORS
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Name : |
Mr. K Dhanapal |
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Designation : |
Chairman cum Managing Director |
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Address : |
07-01-232, Main Road, Kodai Road, Dindigul - 624206, Tamilnadu, India |
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Date of Birth/Age : |
14.04.1966 |
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Date of Appointment : |
22.07.1999 |
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Name : |
Mr. T. Punitha |
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Designation : |
Director |
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Address : |
07-01-232, Main Road, Kodai Road, Dindigul - 624206, Tamilnadu, India |
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Date of Birth/Age : |
15.03.1968 |
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Date of Appointment : |
22.07.1999 |
MAJOR SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
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Mr. K Dhanapal |
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7500 |
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Mr. T. Punitha |
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7500 |
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Total |
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15000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Detergent Soap, Detergent Powder, Toilet Soap,
Shampoo, Acid Slurry, Spend Acid and Sodium Silicate |
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Products : |
Ø Detergent Soap Ø Detergent Powder Ø Toilet Soap Ø Shampoo Ø Acid Slurry Ø Spend Acid Ø Sodium
Silicate |
PRODUCTION STATUS
Installed Capacity
: 60,000.00
Actual Production
: 37,590.00
GENERAL
INFORMATION
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Suppliers : |
Ø Aranthangi Chemicals
Private Limited Ø Aravali Minerals
and Chemicals Private Limited Ø Baskar lime
Industries Ø Devarsons
Industries Limited Ø Fine Chemicals Ø International
Favours and Fragrances Ø Jeevandas Laljee
and Son Ø K K Traders
Private Limited Ø Main Minerals Ø Mandhina Oils Ø Pon Pure
Chemicals Private Limited Ø Spac Tapioca
Products India Limited Ø Sri Balaji
Chemicals Industries Ø Sakthi Traders,
Dindigul Ø Velavan Minerals
Ø Box Packers Ø Prakash Flexible
Limited Ø Sri Golden
Graphics Ø SSD Enterprises Ø Avery India
Limited, Pondicherry Ø Khosla Machines
Private Limited Ø K. K.
Engineering Works, Pondicherry Ø A.I.C. International Ø Sri Sakthi
Transport Ø Blue Bird
Corporation Ø BVN Instrument
Private Limited Ø Hotel Ram
International Ø Unichem
Engineers Ø West Asia Paper
an Stationery Ø Yasmin Traders,
Pondicherry |
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Customers : |
Ø S. S.
Distributors Ø Jai Chakra
Enterprises Ø Kalpana Stores Ø Narayan and
Company Ø Alamelu
Chemicals Ø Medura Chemicals
Ø Meenakshi
Chemicals Ø Meg Excel
Exports Private Limited Ø Pondicherry Alum
and Chemicals Limited Ø Raju Chemicals
Industries Ø Sri Amman Gunny
Stores Ø Sumangali
Chemicals Industries Ø Sri Amman
Chemicals Ø Tamilnadu
Chendur Chemicals |
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Bankers : |
HDFC Bank Karur Vysya Bank ICICI Bank, Pondicherry Tamilnadu Mercantile Bank Limited, 57, V. E. Road, Thoothukudi – 628002, Tamilnadu, India Sundaram Home Finance Limited 21, Patullos Road, 21, Patullos Road, Chennai – 600002, Tamilnadu,
India Indian Overseas Bank – Pondicherry |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S Premraj Jain Chartered Accountants |
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Address : |
Sri Hari Krupa, 1st Floor, No. 85, Vysial Street, Pondicherry
– 605001, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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15000 |
Equity Shares |
Rs. 100/- each |
Rs. 1.500 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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15000 |
Equity Shares |
Rs. 100/- each |
Rs. 1.500 Millions |
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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 |
1.500 |
1.500 |
1.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
42.122 |
46.935 |
41.824 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
43.622 |
48.435 |
43.324 |
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LOAN FUNDS |
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1] Secured Loans |
80.527 |
31.970 |
36.292 |
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2] Unsecured Loans |
42.110 |
10.477 |
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TOTAL BORROWING |
122.637 |
42.447 |
36.292 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
166.259 |
90.882 |
79.616 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
72.339 |
54.510 |
35.950 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
9.968 |
7.092 |
7.600 |
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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 |
66.138
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60.729 |
30.462 |
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Sundry Debtors |
44.389
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6.355 |
15.026 |
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Cash & Bank Balances |
6.131
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2.327 |
4.712 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
4.687
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8.630 |
1.722 |
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Total
Current Assets |
121.345
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78.041 |
51.922 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
37.393
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45.303 |
14.807 |
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Provisions |
0.000
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3.463 |
1.054 |
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Total
Current Liabilities |
37.393
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48.766 |
15.861 |
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Net Current Assets |
83.952
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29.275 |
36.061 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.005 |
0.005 |
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TOTAL |
166.259 |
90.882 |
79.616 |
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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 |
1126.340 |
901.854 |
713.223 |
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Other Income |
0.459 |
0.375 |
0.351 |
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Total Income |
1126.799 |
902.229 |
713.574 |
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Profit/(Loss) Before Tax |
[5.901] |
8.567 |
13.329 |
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Provision for Taxation |
0.000 |
2.316 |
1.055 |
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Profit/(Loss) After Tax |
[5.901] |
6.251 |
12.274 |
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Expenditures : |
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Manufacturing Expenses |
0.000 |
0.000 |
647.496 |
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Administrative & Selling Expenses |
0.000 |
0.000 |
44.689 |
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Raw Material Consumed |
803.323 |
668.656 |
0.000 |
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Consumption of stores and spares parts |
1.542 |
0.954 |
0.000 |
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Salaries, Wages, Bonus, etc. |
2.892 |
1.730 |
0.000 |
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Managerial Remuneration |
1.080 |
0.480 |
0.000 |
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Payment to Auditors |
0.044 |
0.049 |
0.000 |
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Interest & Financial Charges |
6.130 |
2.724 |
1.363 |
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Insurance Expenses |
2.731 |
0.404 |
0.000 |
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Power & Fuel |
4.011 |
2.965 |
0.000 |
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Depreciation & Amortization |
63.128 |
14.742 |
0.000 |
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Other Expenditure |
247.818 |
200.959 |
0.000 |
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Total Expenditure |
1132.699 |
893.663 |
693.548 |
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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 |
(%) |
0.52
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0.69 |
1.72 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.52
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0.95 |
1.87 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.05
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6.46 |
5.16 |
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Return on Investment (ROI) (PBT/Networth) |
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0.14
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0.18 |
0.31 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.67
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1.88 |
1.20 |
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Current Ratio (Current Asset/Current Liability) |
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3.25
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1.60 |
3.27 |
LOCAL AGENCY
FURTHER INFORMATION
Business
To discount bills, advance money on the security of goods lying with or under
the control of the Company, to receive goods for sale on consignment basis and
to do all other such acts that may be or necessary in order to market the same
in connection with the main business or the Company.
To act as forwarding agent, to insure and underwrite and deal with goods
merchandise or such other properties for the purpose of export or import
thereof in connection with the main business carried on by the company.
Fixed Assets
Ø
Land
Ø
Building
Ø
Furniture and Fixture
Ø
Plant and Machinery
Ø
Air Conditioner
Ø
Computer and Printer
Ø
Generator
Ø
Lab Instrument and Materials
Ø
Vehicles Purchase
Ø
Panel Board
Ø
Electrical Instruments
Ø
Office Equipments
Ø
Cell Phone
Ø
Transformer
Ø
Trolley Stands
Ø
Electronic Weighing Machine
Bankers Charges Report
as per Registry
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Name of the company |
NARMADHA
CHEMICALS PRIVATE LIMITED |
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Presented By |
Mr. K Dhanapal –
Managing Director |
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1) Date and description of instrument creating the change |
Term Loan limit for
Rs. 12.300 Millions as per the Articles of Agreement for Term Loan against
Hypothecation of Machinery Movable properties and Book debts dated 02.04.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Term Loan Limit
Rs. 12.300 Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of
Wind Mill Machine with accessories and Em for dry land of 1 acre in S. F. No.
121/98, Dhamakkarukulam Village Radhapuram Tirunelveli. With collateral
security on land shed and Godown at D. No. 4-1-2A1 and 2A2, about 12874 Sq.
ft. and Land factory and office building at 661/91A, to 9E and 66/5A, 64/8A to
8E, 668/1A and 1B and 664/13B about 24786 Sq. ft. On equitable
mortgage of land to the extend of 732380 sq. ft. and big and small industrial
sheds constructed there at R. S. No.
93/1A, 1B, 93/2, 94/1, 94/4, 94/5, 94/7, Sembiuapalayam Village, Pondicherry
to the extend of 102740 sq. ft. On equitable
mortgage of land to the extent of 63215 sq. ft. R. S. No. 7612, CAD No. 527,
528 and 529, Keezha Vanjoore, T. R. Pattinam with factory building to the
extend of 28625.11 sq. ft. On Equitable
mortgage of land to extent of 43522.20 sq. ft. at R. S. No. 66/1A/3B/2, 65/2, Keezha Vanjoore, T. R. Pattinam,
Karaijal, Godown building and security room constructed there totally to the
extent of 3004 sq.f t. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Margin 25 % Rate of Interest
at 9.5 % or BRR Repayable in 84
Months installments |
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5) Name and Address and description of the person entitled to the charge. |
Tamilnadu Mercantile Bank Limited, 57, V. E. Road, Thoothukudi – 628002, Tamilnadu, India |
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6) Date and brief description of instrument modifying the charge |
-- |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
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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.44.44 |
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UK Pound |
1 |
Rs.85.89 |
|
Euro |
1 |
Rs.58.54 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
2 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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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 |
NO |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
29 |
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 |
|