MIRA
INFORM REPORT
|
Report Date : |
29.05.2007 |
IDENTIFICATION DETAILS
|
Name : |
CHEMICAL
CORPORATION PRIVATE LIMITED |
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Registered Office : |
340/342, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
01.05.2005 |
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Com. Reg. No.: |
11-152348 |
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CIN No.: [Company
Identification No.] |
U24230MH2005PTC152348 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMC13308B |
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PAN No.: [Permanent
Account No.] |
AACCC5620P |
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Legal Form : |
Private limited
liability company |
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Line of Business : |
Importers and
Distributors of chemicals. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 125000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Chemical
Corporation Private Limited took-over the running business of Chemical
Corporation w. e. f. 1st April, 2005. Erstwhile partners became
directors who are experienced, respectable and resourceful businessmen. Their
trade relations are fair. Payments are correct and as per commitments. The company can
be considered good for normal business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered
Office : |
340/342, |
|
Tel. No.: |
91-22-56312644 to
47 / 23423127 |
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Cell No. : |
91-98211 15475 |
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Fax No.: |
91-22-23401738 |
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E-Mail : |
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Area : |
Owned - 500 sq. ft. |
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Warehouse : |
Satguru Compound
No 2, Behind Wardhan Compound, Godown No. C2, Bhiwandi, District Thane, |
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Area : |
6000 sq. ft. --
Rented |
DIRECTORS
|
Name : |
Mr. Chandrakant
J. Shah |
|
Designation : |
Director |
|
Address: |
9 A Abhilasha CHS, 46 August Kranti Marg, Mumabi 400036 |
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Date of
Birth/Age : |
69 Years |
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Experience: |
51 Years |
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Qualification
: |
B Sc |
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|
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|
Name : |
Mr. Harshad J.
Shah |
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Designation : |
Director |
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Address: |
Parekh Bhuvan, 45 Khattar Galli, C.P.Tank, Mumbai 400004 |
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Age : |
63 Years |
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Qualification
: |
B Sc |
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Experience : |
41 Years |
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Previous
Employment : |
Founder of the concern |
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|
Name : |
Mr. Ketan C. Shah |
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Designation : |
Director |
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Address: |
9 A Abhilasha CHS, 46 August Kranti Marg, Mumabi 400036 |
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Age : |
35 Years |
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Qualification
: |
BE |
|
Experience : |
11 Years |
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|
|
|
Name : |
Mr. Nilesh C.
Shah |
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Designation : |
Director |
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Address: |
9 A Abhilasha CHS, 46 August Kranti Marg, Mumabi 400036 |
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Age : |
39 Years |
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Qualification
: |
B Sc |
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Experience : |
16 Years |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Ami H. Shah |
|
1000 |
|
Harshad J. Shah –
HUF |
|
1000 |
|
Chandrakant J.
Shah – HUF |
|
1000 |
|
Nilesh C. Shah
HUF |
|
1000 |
|
Ketan C. Shah – HUF |
|
1000 |
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Category |
|
Percentage of Holding |
|
Directors or relatives of directors |
|
100.00 % |
BUSINESS DETAILS
|
Line of Business : |
Importers and
Distributors of chemicals. |
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Imports : |
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Countries : |
USA, Japan, France,
Malaysia, Germany, Korea, Taiwan, China, Indonesia, Russia and Holland |
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Terms : |
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Selling : |
Credit terms for 30-60 days |
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Purchasing : |
L/C, D/P (90
days) and at Sight terms |
GENERAL INFORMATION
|
Customers : |
Manufacturers,
Wholesalers, Traders and Government bodies |
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No. of Employees : |
9 |
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Bankers : |
Saraswat
Co-operative Bank Limited Masjid Bunder
Branch, Mumbai – 400 003, Facilities:
42.500 millions Union Bank of Mandvi Branch,
Mumbai – 400 003, |
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Facilities : |
Credit Limit: Rs.
55.000 million |
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Banking
Relations : |
Good |
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Auditors : |
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|
Name : |
Sutaria
Associates Chartered
Accountants |
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Address : |
B-1, MEZ. Floor, Satyam Shopping Centre, |
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Tel. No.: |
91-22-25143728 |
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Fax No.: |
91-22-25127256 |
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Memberships : |
v
Chemicals
& Alkali Merchants Association |
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|
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Associates/Subsidiaries : |
v
Trichem
Laboratories ( -- Manufacturers
of Pharmaceuticals & Dye Intermediates |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5,000,000 |
Equity
Shares |
Rs. 10/- each |
Rs. 50.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
205000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.050 millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share Capital |
2.050 |
32.700 |
0.025 |
|
|
2] Partners
Current Account |
0.000 |
0.000 |
18.407 |
|
|
3] Reserves &
Surplus |
3.297 |
0.000 |
0.000 |
|
NETWORTH
|
5.347 |
32.700 |
18.432 |
|
|
|
|
|
|
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|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
50.155 |
46.000 |
24.686 |
|
|
2] Unsecured
Loans |
55.037 |
17.300 |
17.037 |
|
|
3) Fixed Loan Account |
0.000 |
0.000 |
12.700 |
|
TOTAL BORROWING
|
105.192 |
63.300 |
54.423 |
|
|
DEFERRED TAX
LIABILITIES |
0.006 |
1.000 |
0.000 |
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|
|
|
|
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TOTAL
|
110.545 |
97.000 |
72.855 |
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APPLICATION OF FUNDS
|
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FIXED ASSETS [Net Block]
|
1.354 |
0.765 |
0.788 |
|
Capital work-in-progress
|
0.000 |
0.000 |
0.000 |
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|
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INVESTMENT
|
0.050 |
0.025 |
0.026 |
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CURRENT ASSETS, LOANS &
ADVANCES
|
|
|
|
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Inventories
|
33.859
|
35.799
|
24.030 |
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|
Sundry Debtors
|
100.245
|
92.888
|
63.456 |
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|
Cash & Bank Balances
|
1.562
|
0.269
|
1.194 |
|
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Other Current Assets
|
0.485
|
3.229
|
0.025 |
|
|
Loans & Advances
|
5.524
|
3.125
|
3.329 |
Total Current Assets
|
141.675
|
135.310
|
92.034 |
|
Less :
CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities and
Provisions
|
31.119
|
38.800
|
19.993 |
|
|
|
1.702
|
0.300
|
|
Total Current Liabilities
|
32.821
|
39.100
|
19.993 |
|
Net Current Assets
|
108.854
|
96.210
|
72.041 |
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|
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|
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|
MISCELLANEOUS EXPENSES
|
0.287 |
0.000 |
0.000 |
|
|
|
|
|
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|
TOTAL
|
110.545 |
97.000 |
72.855 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Sales Turnover |
391.283 |
379.300 |
271.024 |
|
Other Income |
0.000 |
0.000 |
0.000 |
|
Total Income |
391.283 |
379.300 |
271.024 |
|
|
|
|
|
|
Profit/(Loss) Before Tax |
4.340 |
9.600 |
3.693 |
|
Provision for Taxation |
0.000 |
3.600 |
-- |
|
Profit/(Loss) After Tax |
4.340 |
6.000 |
3.693 |
|
|
|
|
|
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Total Earnings |
388.875 |
NA |
NA |
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Expenditures : |
|
|
|
|
Interest |
6.867 |
NA |
NA |
|
Depreciation |
0.355 |
NA |
NA |
|
Other Expenditure |
379.721 |
NA |
NA |
|
Total Expenditure |
386.943 |
NA |
NA |
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
1.11
|
1.58
|
1.36 |
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|
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
1.11
|
2.53
|
1.36 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.03
|
7.05
|
3.98 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.81
|
0.29
|
0.20 |
|
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|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
25.81
|
1.20
|
4.04 |
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|
|
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|
Current Ratio (Current Asset/Current Liability) |
|
4.32
|
3.46
|
4.60 |
LOCAL AGENCY FURTHER INFORMATION
Subject was
established in the year 1959 at Mumbai in
Chemical
Corporation Private Limited tookover the running business of the concern with
effect from 1st April, 2005. It’s Company Registration Number is
11-152348.
Its product range
includes:
v
Anthraquinone
v
Acrylamide
v
Acetonitrile
v
Bisphenola
v
Butylacrylate
v
Butyl
Glycol Ether
v
Cetyl
Alcohol
v
Glycerine
Usp
v
ISO
Butanol
v
Melamine
v
Myristic
Acid
v
Palmitic Acid
v
Oleyl Cetyl
Alcohol
v
Tobias
Acid
v
Stearic
Acid
v
Sodium
Lauryl Sulphate
The concern imports
chemicals.
The concern does
not export.
The concern is
trade terms with:
v
Glaxo
India Limited, Mumbai
v
Clariant
(
v
German
Remedies Limited, Mumbai,
v
Camlin
Limited
v
The
West Coast Papers Limited
v
Ruchira
Papers Limited
v
v
Lee
Chang,
v
Deza A.
S. , Czech
v
PT
Flora Sawita Chemindo
v
Ranbaxy
Laboratories Limited,
v
Henkel
Chemicals,
v
Jlangsu
Guotai International Group,
v
v
v
Glaxo
Smithkline Phar Limited, Mumbai
v
Kopran
Limited, Mumbai
v
United
Phosporous Limited, Mumbai
Bankers Charges
Report as per Registry
|
Name of the company |
CHEMICAL CORPORATION PRIVATE LIMITED |
|
Presented By |
SARASWAT CO-OPERATIVE BANK LIMITED MASJID BUNDER BRANCH |
|
1) Date and description of instrument creating the change |
1st
April 2005 Deed of Hypothecation
for Additional Advances dated 30.12.2004 Deed of
hypothecation for Enhancement of D/A L/C limit dated 16.12.2004 The Company has
been incorporated as a part IX Company. All the assets and liabilities of the
partnership firm are vest in the company as on the date of incorporation. |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 85.000
Millions |
|
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 the stock tangible property / including the stocks for the time being
whether new or manufactured or in process of manufacturing the every tangible
movable property machinery / plant belonging to the borrower and lying and
being at the Borrower place of business at 340/42 Samual St Raut Chamber,
Mumbai 400003 or wherever else the same may be held by the party. Further
hypothecation of outstanding book dents, moneys receivable, claims bills and
approved book dents. Hypothecation of
all the stock under L/C tangible movable property belonging to the borrower
and lying and being at the Borrowers place of business at Bhiwandi or
wherever else the same may be held by the party. Further hypothecation of
outstanding book debts, Moneys receivables, claims, bills and approved book
debts. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The Company is
incorporated as Part IX company on 1 April 2005. the whole of the assets and
liabilities of the partnership firm has been acquired and vest in the newly
incorporated company. As a partnership firm it had avail Cash Credit facility
of Rs. 35.000 Millions and L/C facility of Rs. 50.000 Millions R.O.I. 11 % p.a.
or at such rate as may be determined by the bank from time to time. |
|
5) Name and Address and description of the person entitled to the charge. |
Saraswat
Co-operative Bank Limited Masjid Bunder
Branch, Mumbai – 400 003, |
|
6) Date and brief description of instrument modifying the charge |
Deed of
Hypothecation for additional advances dated 29.09.2005 |
|
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. |
1st
April 2005 the original charge was created by partnership firm for a limit of
Rs. 85.000 Millions credit facility Rs. 35.000 Millions and L/C Rs. 50.000
Millions Now by present modification dated 29.09.2005 the cash credit limits
has been limits to Rs. 50.000 Millions. The overall limit is enhanced to Rs.
100.000 Millions R. O. I. : 11 % p.a. or at such rate as may be determined by
the bank from time to time. |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the charge to be modified |
80024358 |
|
Corporate
identity number of the company |
U24230MH2005PTC152348 |
|
Name of the
company |
CHEMICAL
CORPORATION PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
340/342, |
|
Type of charge |
Book debts Movable property Floating charge |
|
Particular of
charge holder |
Saraswat
Co-operative Bank Limited Masjid Bunder
Branch, Mumbai – 400 003, |
|
Nature of description
of the instrument creating or modifying the charge |
Deed of
hypothecation of Enhancement of D/A L/C basis |
|
Date of
instrument Creating the charge |
14.01.2007 |
|
Amount secured by
the charge |
Rs. 115.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
: As determined by
the bank from time to time |
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.53 |
|
|
1 |
Rs.80.41 |
|
Euro |
1 |
Rs.54.52 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|