MIRA
INFORM REPORT
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Report Date : |
26.05.2007 |
IDENTIFICATION DETAILS
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Name : |
DELTA NUTRITIVES PRIVATE LIMITED |
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Formerly Known As : |
DELTA CHEM IMPEX PRIVTE LIMITED |
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Registered Office : |
40/10 Upendrasewree Wadlal Roaf, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
07.11.2002 |
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Com. Reg. No.: |
137794 |
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CIN No.: [Company
Identification No.] |
U51397MH2002PTC137794 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMD09817D |
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PAN No.: [Permanent
Account No.] |
AABCD6163B |
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Legal Form : |
Private Limited Liability company |
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Line of Business : |
Manufacturer of Chemicals of Pharma and food industry |
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 3800 |
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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
experience 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 : |
40/10 Upendrasewree Wadlal Roaf, |
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Tel. No.: |
91-22-5662 1093 / 94, 2412 2765 /66 |
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Fax No.: |
91-22-5662 1095 / 24181 770 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Ms. Kinnari Mehta |
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Designation : |
Director |
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Address : |
521/ |
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Date of Appointment : |
07.11.2002 |
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Name : |
Ms. Priti S Mehta |
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Designation : |
Director |
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Address : |
521/ |
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Date of Appointment : |
07.11.2002 |
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Name : |
Mr. Prakash I sandhvi |
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Designation : |
Director |
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Address : |
41/10, Upendra, |
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Date of Appointment : |
07.11.2002 |
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Name : |
Mr. Rajesh I Sanghvi |
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Designation : |
Director |
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Address : |
A-401, Bhagnani Co-operative Society, Dunkan, |
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Date of Appointment : |
07.11.2002 |
MAJOR SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
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Kinnari Manasi Mehta |
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2500 |
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Preeti Sanjay Mehta |
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2500 |
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Prakash Indulal Sangvi |
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2500 |
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Rajesh Indulal Snaghvi |
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2500 |
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Himanshu P Mandavia |
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1 |
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Kalpana A Sheth |
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1 |
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Aartia A. Shah |
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1 |
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Ajay C.Parekh |
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1 |
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Sonal Sanghvi |
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1 |
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Suman Mehta |
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1 |
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Catergory |
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Percentage |
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Director or relatives of Directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Chemicals of Pharma and food industry |
GENERAL INFORMATION
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Suppliers : |
All India Durg Supply Co. Amit Enterprises Art and Cakes Avenue Marketing Blue Dart Express Services CAC Express D H Trading Eastmen Impex Private Limited G.S. Chemicals Mahavir Computer Consultancy National Inc. Radyeshyam Enterprises Super Organic Private Limited Tushar Nutritive Foods Private Limited |
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Customers : |
Aero Pharma Private Limited Apeejay Surrendra Park Hotels Limited Cadilla Pharmaceuticlas Limited Daily Bread Private Limited Nirmay Pharmaceutical Private Limietd Oberoi Flight Services- Delhi Radha Krishna Foodland Private Limited Taj land s End Mumbai Wintech Industries |
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No. of Employees : |
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Bankers : |
Vijaya Bank Chira Bazar
Branch, Mumbai;400 002 |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Bhuva and Kanakia Chartered Accountant |
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Address : |
1, Alankar Ground Floor, 251, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10019 |
Equity Share |
Rs.10/- each |
Rs.0.100
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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0.100 |
0.100 |
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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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0.872 |
0.546 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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0.972 |
0.646 |
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LOAN FUNDS |
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1] Secured Loans |
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0.664 |
0.774 |
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2] Unsecured Loans |
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4.149 |
6.013 |
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TOTAL BORROWING |
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4.813 |
6.787 |
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DEFERRED TAX LIABILITIES |
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0.016 |
0.027 |
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TOTAL |
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5.801 |
7.460 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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1.493 |
1.147 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.005 |
0.005 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
0.000 |
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Sundry Debtors |
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15.096 |
9.868 |
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Cash & Bank Balances |
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0.912 |
0.677 |
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Other Current Assets |
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7.405 |
3.945 |
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Loans & Advances |
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1.291 |
0.473 |
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Total
Current Assets |
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24.704 |
14.963 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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19.480 |
8.333 |
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Provisions |
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0.927 |
0.333 |
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Total
Current Liabilities |
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20.407 |
8.666 |
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Net Current Assets |
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4.297 |
6.297 |
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MISCELLANEOUS EXPENSES |
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0.006 |
0.011 |
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TOTAL |
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5.801 |
7.460 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
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Sales Turnover |
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37.962 |
23.705 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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Profit/(Loss) Before Tax |
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0.538 |
0.000 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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0.538 |
0.000 |
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Expenditures : |
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Salaries, Wages, Bonus, etc. |
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1.005 |
0.709 |
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Payment to Auditors |
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0.011 |
0.008 |
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Bank Commission Cahrges |
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0.067 |
0.070 |
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Interest |
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0.781 |
0.487 |
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Insurance Expenses |
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0.012 |
0.005 |
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Power & Fuel |
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0.019 |
0.010 |
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Depreciation & Amortization |
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0.233 |
0.024 |
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Other Expenditure |
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6.409 |
3.103 |
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Total Expenditure |
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8.537 |
4.416 |
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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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-- |
1.41 |
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Net Profit Margin (PBT/Sales) |
(%) |
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-- |
1.41 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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-- |
3.33 |
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Return on Investment (ROI) (PBT/Networth) |
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0.83 |
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Debt Equity Ratio (Total Liability/Networth) |
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25.94 |
23.92 |
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Current Ratio (Current Asset/Current Liability) |
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1.21 |
1.72 |
LOCAL AGENCY FURTHER INFORMATION
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Name of the company |
DELTA CHEM IMPEX
PRIVATE LIMITED |
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Presented By |
Vijaya Bank.
Chira Bazar Branch, Mumbai;400002 |
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1) Date and description of instrument creating the change |
Agreement for Demand Cash Credit Against Hypothecation of Stocks and
book Debts |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.2.500 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 |
At the request of
the Borrower, the Bank has sanctioned Cash Credit limits of Rs.2.500 Millions
to Secure the repayments of the limits and for interest and other charges
thereon, first charge and hypothecation of stock kof Pharama Intermediates
etc. lying at 10 A Pooja Complex, Opp. Batra Petrol Pump. Village Purna
Bhiwandi, Dist. Thane all the current assets, and other movables of the
company. All the Borrower’s present and future Book Debts, outstanding
monies, receivables, claims bills rights to or immovable properties and
movable assets and which are now due owing or payable or belonging to the
borrower or which may at any time hereafter during the continuance of this
security become due owing payable or belonging to the Borrower in the course
of its business. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest @3.25%
p.a over the Viyaya Bank’s Prime Lending rate of Interest as may be fixed by the
Bank from time to time subject to minimum of 14.25% p.a on daily outstanding
balance with monthly rest. Margin 30% of the
Hypothecated Assets |
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5) Name and Address and description of the person entitled to the charge. |
Vijaya Bank Chira Bazar Branch,
Mumbai;400 002 |
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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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Fixed Assets;
Computer
Motor Cycle
Refrigerator
Deep Freezer
Telephone System
Mobile Phones
Microwaven Oven
Delivery Van
Motor Car
As Per Web Site:
About Them
Delta Chem , originally into pharmaceutical
raw materials now imports chemicals used in both the pharma and the food
industry. Today Delta Chem imports specialty food ingredients as well as food
chemicals and pharmaceutical raw materials. Combining the flexibility and quick
response of a local supplier with world class
resources of international leaders in the
bakery, confectionery and chocolate industry.
Delta
Chem’s very innovative and meticulous approach of “Concept Marketing “ in
the Bakery and Confectionery industry has led it to represent the “Best names
in the Business” .Delta Chem is dedicated to the ever changing needs of the
world wide bakery market.
Today, Delta Chem
also stocks various articles like chocolate moulds, melting and tempering machines,
silicon moulds used in bakery as well as kitchen equipments like palette knives
etc.
Delta Chem Impex
is a Group company of the ANM Alliance .This group is an influential name in
Life Sciences, Biotechnology, Chemical and Environmental analysis and Food
Ingredients Industry
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON DESIGNATED
PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.60 |
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1 |
Rs.80.65 |
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Euro |
1 |
Rs.54.55 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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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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