MIRA
INFORM REPORT
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Report Date : |
31.05.2007 |
IDENTIFICATION DETAILS
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Name : |
RESIL CHEMICALS PRIVATE LIMITED |
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Registered Office : |
No. 4, Third Floor, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
18.04.1991 |
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Com. Reg. No.: |
18 - 20642 |
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CIN No.: [Company
Identification No.] |
U51102KA1991PTC041568 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHER06503A |
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PAN No.: [Permanent
Account No.] |
AABCR2886H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers, Exporters and Importers of Chemicals, Finishing and Silicones for the Textile 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 300000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company having satisfactory track records. Directors are reported as experienced, respectable and having satisfactory means of their own. Their trade relations are fair. Payments are usually correct and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
No. 4, Third Floor, |
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Tel. No.: |
91-442-2855 3709/ 28553720 |
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Fax No.: |
91-80-8510508, 8516064, 8517704, 8518718, 8518719 |
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E-Mail : |
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Corporate Office : |
No. 4, Third Floor, |
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Tel. No.: |
91-44-28553709/28553720 |
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Fax No.: |
91-44-28553765 |
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E-Mail : |
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Factory 1 : |
101 Adbe villa, 1st floor, Plot No. 99, Near Char Police Station SV Road, Khar West, Mumbai – 400052 Tel No. : 91-22-56013809/56013815 Fax No. : 91-2256777351 Email : marketing@resil.com Plot No. 6, Tel No. : 91-161-3095342 Fax No. : 91-161-2669948 Email : marketing@resil.com 26/1, Tel No. : 94-1361973 |
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Branches : |
Ø
201 Galleris DLF Phase IV, Gurgaon - 122002 Tel No. : 91-124-2806210/11/12 Fax NO. : 91-124-2806213 Email : Marketing@Resil.Com Ø
207 Tulip Tel No. : 91-40-23310342/23310637 Fax No. : 91-40-23310637 Email : Marketing@Resil.Com Ø
R-9, Ø
Tel No. : 91-33-25862042 Mobile No: 91-9831299658 Email : Marketing@Resil.Com Ø
108, Mobile No. : 91-9825304310 Fax No. :91-261-3095790 Email : Marketing@Resil.Com |
DIRECTORS
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Name : |
Mr. Madathetu Shankaranarayanan Mohan |
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Designation : |
Managing Director |
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Address : |
6 ’O’ and ‘N’, fernhill Gardens (WW), HSR Layout, Bangalore-560 342, |
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Date of Birth/Age : |
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Date of Appointment : |
18.04.1991 |
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Name : |
Mr. Madathetu Shankaranarayanan Vijayan |
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Designation : |
Joint Managing Director |
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Address : |
T-303, |
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Date of Birth/Age : |
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Date of Appointment : |
18.09.1991 |
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Name : |
Mr. Puthiya Kavilakathe Aniyan |
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Designation : |
Whole Time Director |
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Address : |
No.438-D, Jal Vayu Vihar, Kammanahalli main road, |
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Date of Birth/Age : |
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Date of Appointment : |
31.03.2003 |
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Name : |
Mr Thankappannair Kizhakekanjirakkatu Rajeev |
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Designation : |
Whole Time Director |
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Address : |
No:112, West, Trinity Woods, |
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Date of Birth/Age : |
28.05.1957 |
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Date of Appointment : |
31.03.2003 |
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Name : |
Mr. Kunneth Sukumar |
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Designation : |
Executive Chairman |
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Address : |
No.22, villa |
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Date of Birth/Age : |
09.05.1935 |
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Date of Appointment : |
15.11.2002 |
MAJOR SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
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Madathetu Shankaranarayanan Mohan |
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400000 |
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Madathetu Shankaranarayanan Vijayan |
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400000 |
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Gita Kumar |
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200000 |
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Total |
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1000000 |
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Category |
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Percentage
of Holding |
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Directors or relatives of directors |
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100.000 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers, Exporters and Importers of Chemicals, Finishing and Silicones for the Textile Industry |
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Product: |
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PRODUCTION STATUS
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Particulars |
Installed Capacity |
Actual Production
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Textile finishing agent in tones |
3692 |
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Mould release preparation |
1440 |
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GENERAL INFORMATION
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No. of Employees : |
200 |
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Bankers : |
State Bank of Commercial Branch, |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Varma and Varma Chartered Accountants |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1800000 |
Equity shares |
Rs.10/- each |
Rs.18.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1800000 |
Equity shares |
Rs.10/- each |
Rs.18.000 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.032004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
18.000 |
10.000 |
10.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
84.305 |
77.242 |
67.963 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
102.305 |
87.242 |
77.963 |
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LOAN FUNDS |
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1] Secured Loans |
82.921 |
99.677 |
71.860 |
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2] Unsecured Loans |
2.036 |
5.971 |
10.368 |
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TOTAL BORROWING |
84.957 |
105.648 |
82.228 |
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DEFERRED TAX LIABILITIES |
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5.891 |
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TOTAL |
192.949 |
198.893 |
166.082 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
71.011 |
68.405 |
64.714 |
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Capital work-in-progress |
0.679 |
1.035 |
0.000 |
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INVESTMENT |
0.539 |
0.549 |
0.549 |
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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 |
44.601 |
61.179 |
43.300 |
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Sundry Debtors |
115.509 |
119.224 |
94.298 |
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Cash & Bank Balances |
16.625 |
10.171 |
8.218 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
22.404 |
24.537 |
33.343 |
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Total
Current Assets |
199.139 |
215.111 |
179.159 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
71.157 |
76.164 |
63.506 |
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Provisions |
7.262 |
10.043 |
15.174 |
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Total
Current Liabilities |
78.419 |
86.207 |
78.680 |
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Net Current Assets |
120.720 |
128.904 |
100.479 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.341 |
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TOTAL |
192.949 |
198.893 |
166.082 |
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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 |
400.100 |
347.100 |
279.768 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
400.100 |
347.100 |
279.768 |
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Profit/(Loss) Before Tax |
30.200 |
26.300 |
17.957 |
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Provision for Taxation |
11.400 |
10.200 |
7.065 |
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Profit/(Loss) After Tax |
18.800 |
16.100 |
10.892 |
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Earnings in Foreign Currency : |
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Other Earnings |
0.000 |
0.000 |
45.320 |
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Total Earnings |
0.000 |
0.000 |
45.320 |
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Imports : |
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Others |
0.000 |
0.000 |
39.980 |
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Total Imports |
0.000 |
0.000 |
39.980 |
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Expenditures : |
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Financial Charges |
9.800 |
10.900 |
0.000 |
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Depreciation |
8.300 |
6.800 |
0.000 |
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Other Expenditure |
351.800 |
303.100 |
261.684 |
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Total Expenditure |
369.900 |
320.800 |
261.684 |
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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 |
(%) |
4.70
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4.64 |
3.893 |
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Net Profit Margin (PBT/Sales) |
(%) |
7.55
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7.58 |
6.634 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
11.18
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9.28 |
7.346 |
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Return on Investment (ROI) (PBT/Networth) |
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0.30
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0.30 |
0.230 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.60
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2.20 |
2.063 |
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Current Ratio (Current Asset/Current Liability) |
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2.54
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2.50 |
2.277 |
LOCAL AGENCY FURTHER INFORMATION
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Name of the company |
M/s. Resil
Chemicals Private Limited |
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Presented By |
Chief Manager, Cathlic
Syrian Bank Limited, St Patricks Shopping Arcade, Brigade Raod, |
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1) Date and description of instrument creating the change |
19.03.2001
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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 |
A General Lien on
all amounts due and owing to the company which comes into the possessions of
the bank in the course of business. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest at
24.75% per annum with quarterly rests. Interests and liability towards
principal will devolve only on invocation of Bank Guarantee. |
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5) Name and Address and description of the person entitled to the charge. |
Catholic Syrian
Bank Limited St. Patricks
shopping |
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6) Date and brief description of instrument modifying the charge |
(all document pertain to Single Modification ) |
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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. |
The effect of this
modification is:
East by ;40 Feet road West by: North by: South by
East by : West by : Site No:29 North by : Estate Raod South by Private Property Of vijanapura in Sy. No.68/1,68/2, 72,73 of B.Narayanapura currently bearing no.83 and 84 of
Mahadevapura Municipal council of vijayanpura, B. Narayanapura village,
Bangalore South Taluk.
East by Plot No.83,84 West by Road no:2, North By Plot No: 55 South by rod No:8 |
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As per Web Site;
Subject imports raw materials and exports Silicones, Softeners, Enzymes,
Lubricants, Specialty, chemicals, Finishes
Established in 1991, Resil chemicals marked it as one of the forerunners
in silicone-based finishing of textiles. Exploiting the immense potential of
silicones, they offer a wide array of silicone products to suit every need.
Today, Resil is extending its skills and resources to newer areas like
aftercare, ant microbial solutions, personal care and healthcare.
Constant product innovation and
operational versatility are key players in Resil’s success. Distilling
technology for everyday applications with an intimate understanding of global
trends and consumer’s requirements is at the heart of Resil’s evolution.
RESIL has always believed in building Customer value by delivering
consistent product quality and Services over a period of time.
Armed with the ISO 9001
certification, RESIL’s stringent systems and procedures enable it to meet the
demanding internal standards set by quality control, ensuring consistency in
product quality. An exhaustive Analytical and application testing system
ensures consistent product performance in widely differing application
conditions.
Continuous innovation in processes and technologies allows Resil to
constantly improve products and services, which ensure customers a Total Value
Proposition.
Geared for perfection
Resil
is
•
Production
•
Product performance in widely differing application conditions.
Resil's
Research and Innovation labs have also received recognition from the Department
of Scientific and Industrial Research (DSIR).
The company is currently marching towards
the
Solutions for every need
Resil
is one of
·
Textile process enhancers
· Enzymes
· Organics
·
Silicone fluids and derivatives
·
Silicone copolymers
·
Speciality silicone formulations
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Personal care products
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Healthcare products
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Aftercare products
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Defoamers and antifoams
·
Polyurethanes
Sealed with trust
Packed
with experience and expertise in the textile industry, Resil Chemicals Pvt Ltd,
Powered by the passion for innovation
Driven by research and innovation, Resil has secured its position as a responsive, highly quality-conscious provider of world-class solutions . This is, of course, just the beginning; the future has in store many more transformations, products, ideas and solutions that will continue to enrich the fabric and garment industry.
Explore
the range of their solutions for the textile industry using the links to the
left. Also, request a printed guide of all their textile products by e-mailing
us at marketing@resil.com
In the throes of
new challenges
The emergence of a
vibrant, global marketplace and exciting new brands; rapidly changing trends
and fashions; and, a smarter, more evolved and discerning customer… things have
never been more demanding for the garment manufacturer.
Marketers and manufacturers
like you are constantly seeking ways to enhance product propositions. Innovations
that add appeal to the garment; make them more desirable for the
customer; and, give the brand a competitive edge–such as advanced
fabric-finishing solutions–are gaining currency among farsighted marketers.
ARC to the rescue
Resil’s Application
Research Center (ARC) will help you tap the infinite possibilities
of and extend comprehensive support in fabric finishing. The first and
only one of its kind in the country, ARC draws from Resil's vast resources and
expertise. A pioneer in innovative finishing solutions, Resil is among
Asia's largest silicones processor for fabrics and is
Designed and set
up by Resil's team of senior technologists, ARC endeavours to:
- Evaluate and develop customer-oriented,
cost-effective finishes
- Translate the concept into a
commercially viable proposition that blends with existing processes
ARC’s forte…
…is to extract the
power of finishing to give you the impossible: dazzling whiteness that
does not compromise with hand feel; a fibre-to-fibre match with an overseas
sample; a cost-saving process that lends ‘bounce’ to action wear…
Lending more than a helping hand
ARC
carries out investigations on parameters like count of yarn, tensile strength
of yarns and fabrics, dye analysis, crimp take-up, wear performance of
garments, etc, to help you understand and enhance the quality of the garments.
World-class resources
working for you
Subject’s
qualified and experienced professionals have helped leading organizations:
- Develop specialized finishes
- Fine-tune processes and optimize
applications
- Venture beyond finishing, by providing
inputs that enhance the product's appeal, function and longevity.
In
fact, their new ARC with its modern facilities enables customers to reach out to the latest developments in garments and
finishing subject’s presence in key world markets and its alliances with
leading global players ensure a continuous inflow of information. Equipped with
the latest and state-of-the-art machinery, it offers more and improved
services, and therefore better customer satisfaction.
ARC
will also provide guidance
from specialists in the various aspects of textile and garment processing.
Contact sessions/demonstrations will be conducted regularly to facilitate
ongoing interactions between the customer and the technologist.
In
other words, ARC will be:
- A single-point resource for knowledge and expertise
in garment finishing
- An extended arm for the developmental efforts in
production and processing
- A reliable link to global innovations
Resil
Biotech: Eco-friendly Partners in Transformation
They
have always believed in stepping beyond the obvious. From exploring the power
of silicones to mind-boggling fabric effects to complete finishing solutions.
And now, Resil introduces Resil Biotech, an independent division of Resil
exploring enzyme-based finishing solutions to compliment their array of
silicone products.
Resil
Biotech presents a select range of enzymes-each created to excel in its
application, and packed with the power to challenge limits. Resil Biotech's enzyme
products are application-oriented and fabric and apparel processors meet
specific processing needs. Using state-of-the-art biotechnology, Resil
Biotech's enzymes provide a stream of high-performance solutions for a wide
range of applications.
Press Release:
News and Upcoming Events
2006.02.14
Resil and Dow
The
collaboration is based on strategic alignments and key attributes that both
companies share: a history of successful leadership in the textiles industry,
high brand recognition, principled management practices and a strong commitment
to quality, safety and the environment.
“This is a
unique association of two companies with extensive global textiles industry
experience,” explained M. S. Mohan, Managing Director of Resil Chemicals. “We are
proud to be the first company chosen to leverage the Powered by Dow Corning®
brand. Together, we will be able to offer our customers enhanced, tailor-made
value propositions that meet their evolving needs. Our joint efforts should
result in innovative products and solutions, as well as increased
functionalities, better process efficiencies and a true competitive advantage
for our customers.”
“As a company,
Resil has focused on knowledge and discovery to drive development of our
market-leading, customized finishing solutions,” Mr. Mohan continued. “Our
collaboration with Dow Corning will improve our product appeal with consistency
in key ingredients, enhance our development activities and benefit our
customers with innovative solutions for textile and garment finishing. Because
Resil and Dow Corning work hard to understand the specific needs of our market,
Resil customers will have the most up-to-date silicone finishing solutions
globally available.”
Concern’s
customers will begin benefiting from these solutions immediately. The first
jointly developed Powered by Dow Corning® product is already
being launched. Resil™Innocelle YL is a silicone yarn lubricant that
delivers durable softness with the best balance of lubricity and tensile
strength. Mr. Mohan believes it is an excellent example of the types of
customer-benefiting solutions that can be achieved when subject’s application
and market knowledge is combined with Dow Corning’s silicon-based technology
expertise. A second new Powered by Dow Corning® product –
Resil™
“In Resil we
have found an organization that shares our vision for growth through providing
total solutions for customers,” noted Mr. Kapur. “Dow Corning brings our
material science capabilities and global presence to the collaboration. Resil
supplies market experience and deep understanding of customer needs. These
strengths, coupled with our shared expertise in silicon technology, will
benefit textile producers and garment finishers across the region with
innovative, market-leading products. From the start, Resil management has
demonstrated a commitment to the market they serve, and the company has
invested in knowledge, people and facilities to back up that commitment.”
Applying the Powered
by Dow Corning® brand to silicone-based textile finishing products
represents a commitment by Dow Corning to help customers, like Resil, who meet
specific criteria, put the power of silicone technology and 40 years of textile
experience to work for their customers.
“Textile
finishing is one of many markets where silicones are used to impart specific
performance advantages to products,” Mr. Kapur said. “As part of our
collaboration, Resil will enjoy a high level of support from Dow Corning,
including a global perspective, formulation development and technical expertise.
We are interested in extending these activities to qualified customers in other
key markets we serve.”
Subject. has
been a leader in silicone-based and total finishing solutions for textile and
garments since 1994. Headquartered in
Enterprises under common control:
M/s. Epsilon Chemicals Private Limited
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.40.64 |
|
|
1 |
Rs.80.44 |
|
Euro |
1 |
Rs.54.65 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
47 |
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 |
|