MIRA
INFORM REPORT
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Report Date : |
30.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
ANUVI CHEMICALS PRIVATE LIMITED |
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Registered Office : |
25 E/4, Model Town, Balrajeshwar Road, Mulund, Mumbai-400080,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
26.04.1988 |
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Com. Reg. No.: |
11-47161 |
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CIN No.: [Company
Identification No.] |
U24110MH1988PTC047161 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEA07414B |
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PAN No.: [Permanent
Account No.] |
AAACA1007G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
To manufacture, produce, modify, refine, process, use or otherwise
acquire, buy, sell, resell, trade, distribute, export, import, deal jn
leather chemicals, synthetic resins, emulsions, solutions and dispersions,
textile chemicals, auxiliaries, binders, p[plastic emulsions and solutions,
polymers, adhesives, glass coating resings, plastiocizers, specialty
chemicals, modifiers, polycondensation resins, polyaddition resins, fat
liquors, synthetic and natural tanning agents, surface active agents and all
allied products and substances thereof. |
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 records. 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 : |
25 E/4, Model Town, Balrajeshwar Road, Mulund, Mumbai-400080,
Maharashtra, India |
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Tel. No.: |
91-22-25555400 |
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Fax No.: |
91-22-25255400 |
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Factory 1 : |
G/212, Gidavari, 2nd Floor, Laxmi Industrial Premises,
Pokharan Road, No.1, Vartak Nagar, Thane, Maharashtra, India |
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Tel. No.: |
91-22-25392219 |
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Fax No.: |
91-22-25392461 |
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Factory 2 : |
205, Narmada, 2nd Floor, Laxmi Industrial Premises, Road
No.1, Vartak Nagar, Thane-400606, Maharashtra, India |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Kanaklata Krishnakumar Saxena |
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Designation : |
Chairman |
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Address : |
25 E/4, Model Town, Balrajeshwar Road, Mulund, Mumbai-400080,
Maharashtra, India |
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Date of Birth/Age : |
01.11.1945 |
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Date of Appointment : |
26.04.1988 |
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Name : |
Mr. Rajeshkumar Anandlal Saxena |
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Designation : |
Director |
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Address : |
25 A, Mini Land Tank Road, Bhandup, Mumbai-400078, Maharashtra, India |
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Date of Birth/Age : |
10.10.1942 |
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Date of Appointment : |
26.04.1988 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Mr. Kanaklata K. Saxena |
6313 |
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Mr. Rajeshkumar A. Saxena |
1437 |
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Viviconx |
1 |
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Mr. Satish Chandra |
250 |
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BUSINESS DETAILS
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Line of Business : |
To manufacture, produce, modify, refine, process, use or otherwise
acquire, buy, sell, resell, trade, distribute, export, import, deal jn
leather chemicals, synthetic resins, emulsions, solutions and dispersions,
textile chemicals, auxiliaries, binders, p[plastic emulsions and solutions,
polymers, adhesives, glass coating resings, plastiocizers, specialty
chemicals, modifiers, polycondensation resins, polyaddition resins, fat
liquors, synthetic and natural tanning agents, surface active agents and all
allied products and substances thereof. |
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Products : |
Copolymer Resin Emulsion |
GENERAL
INFORMATION
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No. of Employees : |
About 20 |
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Bankers : |
The Thane Janata Sahakari Bank Limited, Vartak Nagar, Thane (West), Thane-400602,
Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Desai Saksena & Associates Chartered Accountants |
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Address : |
1st Floor, Laxmi Building, Sir P.M.Road, Fort, Mumbai-400001,
Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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20000 |
Equity Shares |
Rs.100/- each |
Rs.2.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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8001 |
Equity Shares |
Rs.100/-
each |
Rs.0.800
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.800 |
0.800 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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7.552 |
5.664 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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8.352 |
6.464 |
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LOAN FUNDS |
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1] Secured Loans |
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5.253 |
10.004 |
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2] Unsecured Loans |
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1.564 |
1.822 |
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TOTAL BORROWING |
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6.817 |
11.826 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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15.169 |
18.290 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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3.752 |
4.578 |
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Capital work-in-progress |
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1.105 |
1.105 |
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INVESTMENT |
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0.088 |
0.088 |
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DEFERREX TAX ASSETS |
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0.334 |
0.230 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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9.102 |
12.683 |
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Sundry Debtors |
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15.708 |
18.907 |
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Cash & Bank Balances |
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0.840 |
1.407 |
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Other Current Assets |
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0.572 |
0.562 |
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Loans & Advances |
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3.153 |
2.706 |
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Total
Current Assets |
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29.375 |
36.265 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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16.343 |
22.287 |
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Provisions |
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3.142 |
1.689 |
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Total
Current Liabilities |
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19.485 |
23.976 |
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Net Current Assets |
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9.890 |
12.289 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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15.169 |
18.290 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Total Income |
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80.379 |
78.972 |
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Profit/(Loss) Before Tax |
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3.072 |
0.750 |
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Provision for Taxation |
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0.000 |
0.00 |
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Profit/(Loss) After Tax |
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3.072 |
0.750 |
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Expenditures : |
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Interest |
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1.410 |
1.591 |
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Depreciation & Amortization |
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0.743 |
0.917 |
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Other Expenditure |
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75.154 |
75.714 |
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Total Expenditure |
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77.307 |
78.222 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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3.82 |
0.95 |
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Net Profit Margin (PBT/Sales) |
(%) |
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3.82 |
0.95 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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9.27 |
1.83 |
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Return on Investment (ROI) (PBT/Networth) |
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0.37 |
0.12 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.15 |
5.54 |
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Current Ratio (Current Asset/Current Liability) |
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1.51 |
1.51 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8 Particular for
creation or modification of charges
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Name of the company |
ANUVE CHEMICALS PRIVATE LIMITED |
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Presented By |
BRANCH
MANAGER, THE JANATA SAHAKARI BANK LIMITED, MAIN BRANCH |
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1) Date and description of instrument creating the change |
07.12.2000 Loan/Cash Credit Agreement, Letter of Lien and set off, promissory note, hypothecation of book debts. All these agreement have been executed to create a single charge. |
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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 |
Bill discounting of Sion Paints Limited |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Bill discounting facility of Rs.2.000 millions for 12 months for period @ 13% interest Per Annum |
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5) Name and Address and description of the person entitled to the charge. |
The Janata Sahakari Bank Limited Deena Dayal Bhuvan, Jambhali Naka, Thane |
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6) Date and brief description of instrument modifying the charge |
N.A. |
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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. |
N.A. |
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Name of the company |
ANUVE CHEMICALS PRIVATE LIMITED |
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Presented By |
Mr.
Rajsh Saxena, Director |
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1) Date and description of instrument creating the change |
Loan agreement Hypothecation of Goods, Plant and Machinery and debts |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.0.800 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 all present and future stocks of finished goods, stock of raw material and semi finished goods and consumable stores and spares and also all tangible moveable machinery stores, spares, plant machines and also book debts, outstanding debts, monies receivables, claims and bills etc. more particularly described as the securities in the agreement |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest @ 3.5% p.a. over the Bank PLR subject to minimum of 8.5% p.a. Margin 10% Penal interest @ 2% p.a. in case of defaults Charge to cover all outstanding sums, interests, costs and charges payable by the company to the Bank |
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5) Name and Address and description of the person entitled to the charge. |
The Thane Janata Sahakari Bank Limited Vartak Nagar Branch, Thane |
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6) Date and brief description of instrument modifying the charge |
N.A. |
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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. |
N.A. |
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 |
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US Dollar |
1 |
Rs.43.47 |
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UK Pound |
1 |
Rs.83.36 |
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Euro |
1 |
Rs.57.89 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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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 |
7 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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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 |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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49 |
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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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