MIRA
INFORM REPORT
|
Report Date : |
08.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
CRESCENT CHEMSOL
PRIVATE LIMITED |
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|
|
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Registered Office : |
19/6, Mittal
Estate, Andheri Kurla Road, Marol, Andheri (East), Mumbai – 400059,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
08.01.2004 |
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Com. Reg. No.: |
11-143905 |
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CIN No.: [Company
Identification No.] |
U24100MH2004PTC143905 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMC10007E |
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PAN No.: [Permanent
Account No.] |
AACCC3157H |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
The company is
engaged in Importing and Trading of Chemicals |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company, but seems to be passing through difficult
times. It has incurred huge losses and its networth has been eroded. Payments
are reported as slow and delayed. The company can be considered for small to mediocre business dealings
with slight caution, initially. |
LOCATIONS
|
Registered Office : |
19/6, Mittal
Estate, Andheri Kurla Road, Marol, Andheri (East), Mumbai – 400059,
Maharashtra, India |
|
Tel. No.: |
91-22-28503555 |
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Fax No.: |
91-22-28500911/28501673 |
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E-Mail : |
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Website : |
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Head Office : |
Windsor,
2nd Floor, CST Road, Kalina, Santa Cruz (East), Mumbai – 400 098,
INDIA |
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Tel. No.: |
91-22-6703
3555 (Board) |
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Fax No.: |
91-22-6703
3556 |
DIRECTORS
|
Name : |
Ms. Kokila
Gunvanirai Shah |
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Designation : |
Director |
|
Address : |
Deep Ashish, Plot
No. 372, A & B, Shantabai Amre Marg, Office 9th Road, Near Zandu
Garden, Chembur – 400071, Mumbai |
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Date of Appointment : |
08.01.2004 |
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|
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Name : |
Ms. Kavita Ashti
Shah |
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Designation : |
Director |
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Address : |
Deep Ashish, Plot
No. 372, A & B, Shantabai Amre Marg, Office 9th Road, Near Zandu
Garden, Chembur – 400071, Mumbai |
|
Date of Appointment : |
08.01.2004 |
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Name : |
Mr. Mukesh
Indravadan Doshi |
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Designation : |
Director |
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Address : |
167-A, Narayan
Niwas, CHS Block – 6, Jain Society, Sion (East), Mumbai – 400022 |
|
Date of Appointment : |
08.01.2004 |
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|
Name : |
Ms. Sapna Dilip
Sheth |
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Designation : |
Director |
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Address : |
19, Garodia
Place, Garodia Nagar, Ghatkopar (East), Mumbai – 400077 |
|
Date of Appointment : |
08.01.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Shah Ashit
Anushka |
|
5300 |
|
Mr. Sheth Pranlal
Dilip |
|
2100 |
|
Mr. Sheth Dilip
Abhishek |
|
1100 |
|
Mr. Mukesh I
Doshi |
|
1000 |
|
Ms. Doshi Mukesh Aarti
|
|
2200 |
|
Mr. Shah
Manharlal Nitin |
|
1000 |
|
Mr. Shah Nitin
Ayush |
|
1000 |
|
Mr. Nitin Anaisha
Shah |
|
1200 |
|
Ms. Shah Kokila
Gunvantrai |
|
12500 |
|
Ms. Shah Ashit
Kavita |
|
12500 |
|
Mr, Doshi
Indravadan Mukesh |
|
12500 |
|
Ms. Sheth Dilip
Sapna |
|
12500 |
|
Ms. Sejal Nitin
Shah |
|
12500 |
|
Mr. G D Shah |
|
5300 |
|
Mr. Ashit
Gunvantrai Shah |
|
5300 |
|
Mr. Shah Ashit
Aditya |
|
10000 |
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|
|
|
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Equity Share
Breakup |
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|
|
Category |
|
Percentage of
Holding |
|
Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company is
engaged in Importing and Trading of Chemicals |
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|
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|
Products : |
|
GENERAL
INFORMATION
|
No. of Employees : |
30 |
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Bankers : |
Union Bank of
India Sion [East] Branch,
169/B, Sunita Apartments, Sion [East], Mumbai – 400022, Maharashtra, India |
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Banking
Relations : |
Good |
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Auditors : |
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|
Name : |
Chhajed &
Doshi Chartered
Accountant |
|
Address : |
5/6, United Western Apartments, Veer Savarkar Marg, Prabhadevi, Mumbai
– 400025, Maharashtra, India |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1,00,000 |
Equity Shares |
Rs. 100/- Each |
Rs. 10.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
98100 |
Equity Shares |
Rs. 100/- Each |
Rs. 9.810 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
9.810 |
9.800 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.000 |
22.512 |
|
|
4] (Accumulated Losses) |
|
[27.188] |
0.000 |
|
|
NETWORTH |
|
[17.378] |
32.312 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
418.948 |
84.582 |
|
|
2] Unsecured Loans |
|
88.012 |
88.625 |
|
|
TOTAL BORROWING |
|
506.960 |
173.207 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
|
489.582 |
205.519 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
47.562 |
2.303 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
0.298 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
27.421 |
3.242 |
|
|
|
|
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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|
Inventories |
|
134.665 |
299.845 |
|
|
Sundry Debtors |
|
587.949 |
435.091 |
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|
Cash & Bank Balances |
|
65.497 |
68.107 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
31.652 |
1.656 |
|
Total Current Assets |
|
819.763 |
804.699 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
405.462 |
600.204 |
|
|
Provisions |
|
0.000 |
4.521 |
|
Total Current Liabilities |
|
405.462 |
604.725 |
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|
Net Current Assets |
|
414.301 |
199.974 |
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|
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|
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|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
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|
|
|
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TOTAL |
|
489.582 |
205.519 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
|
2513.117 |
1642.162 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
[73.180] |
40.988 |
|
|
Provision for Taxation |
|
-- |
16.259 |
|
|
Profit/(Loss) After Tax |
|
[73.180] |
24.729 |
|
|
|
|
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Earnings in Foreign Currency : |
|
|
|
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Total Earnings |
|
NA |
101.639 |
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Imports : |
|
|
|
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Total Imports |
|
NA |
1408.381 |
|
|
|
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Expenditures : |
|
|
|
|
|
|
Interest |
|
22.169 |
7.031 |
|
|
Depreciation & Amortization |
|
3.005 |
0.260 |
|
|
Other Expenditure |
|
2561.123 |
1593..884 |
|
Total Expenditure |
|
2586.297 |
1601.175 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
[2.91] |
1.51 |
|
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
|
[2.91] |
2.50 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
[8.44] |
5.07 |
|
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Return on Investment (ROI) (PBT/Networth) |
|
|
[4.21] |
1.27 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
|
52.50 |
24.07 |
|
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Current Ratio (Current Asset/Current Liability) |
|
|
2.02 |
1.33 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed
Assets
v
Furniture
& Fixture
v
Office
Equipment
v
Computer
Systems
v
Vehicles
Business
The company was
promoted by M/s. Crescent International a partnership firm one of the main
object was “to acquire and take over as a going concern the business carried on
in the name and style of M/s. Crescent International and to take over all its
assets and liability. All the partners of the firm subscribed to the capital of
the company and are the first director of the company However instead of
complete take over the company had started gradually the business which hereto
was carried out by the firm. The assets and liability remained with the firm.
The company has utilised the bank limits of the firm. Into day in day out
current account transaction between the company and the firm.
The company had
acquired certain movable fixed assets at the book value from the M/s. Crescent
International
26.07.2005 due to
heavy rains the registered office of the company was flooded where in the of
the company were destroyed and damaged. The company had filed FIR with local
police station and the management is in process of recovery of the same. The
financial statement are drawn ob the basis of the book of accounts maintained
in the computer system.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U24100MH2004PTC143905 |
|
Name of the
company |
CRESCENT CHEMSOL
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
19/6, Mittal
Estate, Andheri Kurla Road, Marol, Andheri (East), Mumbai – 400059,
Maharashtra, India |
|
This form is for |
Creation of charge |
|
Particular of
charge holder |
Union Bank of
India Sion [East]
Branch, 169/B, Sunita Apartments, Sion [East], Mumbai – 400022, Maharashtra,
India |
|
Nature of
instrument creating charge |
D. P. Note and
Letter of Hypothecation of Bills |
|
Date of
instrument Creating the charge |
30.08.2006 |
|
Amount secured by
the charge |
Rs. 50.000
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Interest at the
rate of 1.75 % Below Union Bank of India’s Benchmark Prime Lending Rate or
such other rates as may be prescribed by the Bank from time to time with
monthly rest for UBD facility of Rs. 50.000 Millions granted by the bank to
the Company. The Benchmark prime Lending rate applicable as on date is 11.50
% per annum. |
|
Particulars of
the property charged |
Purchase from or
negotiate a Bills or Bills of Exchange drawn or accepted or endorsed against
goods and merchandise or shipping or other documents and hold such or any
other Bills or Bills of Exchange and documents for collection on borrower’s
account under lien to the Bank. |
The
Crescent Group
Profile
CRESCENT
CHEMICALS, the flagship company of the Crescent Group was established in 1964.
The company had a humble beginning as a supplier of chemicals. With the
expansion of business in trading and related activities, a need was felt to
reorganize company operations with the objective of concentrating on market
development of agency products, enlarging the range of trading items and
strengthening the import export and indenting facility.
To implement this plan, associate companies were promoted over a phased period,
the first such company being CRESCENT
INTERNATIONAL, which was later converted into a Private Limited
Company under the name of CRESCENT
CHEMSOL PRIVATE LIMITED, and another CRESCENT ORGANICS PRIVATE LIMITED.
The three companies with separate identities and diverse activities operate
under the banner of THE CRESCENT GROUP.
A Dynamic Force
Products marketed by the Group reach almost all the segments of the Indian
Industry with the marketing network in all major cities viz., Mumbai, Delhi,
Baroda, Ahmedabad, Daman, Silvassa and Hyderabad. The Group has direct access
with all major end-users. The Group handles half a million tonnes of bulk and
packed products annually. The Group also has adequate storage facilities for
handling bulk imports and as well as ample warehousing facilities to store
packed products. Having strong relationship with Indian Chemical &
Petrochemical industries, they have diversified their business activities in
the field of exports also.
Responsive to Market Needs
Apart from booking indents on behalf their customers for imports, the Group
renders package services including storage in shore tanks at terminal ports ,
custom clearance, cargo survey and arranging deliveries as per customers
requirements. The Group’s transparency policy makes the users feel secure and
satisfied.
A Far Reaching Net Work
To benefit from fast growing globalisation of Indian trade, the Group has
acquired a major share holding in Kemsol
Limited, an UAE based multi-product trading company having largest
hazardous warehousing facilities in Jebel Ali Free Trade Zone. Products handled
by Kemsol ranges from Petrochemicals, Building Materials and Advertising
Materials.
Team of Professionals
The extensive experience accumulated over the years has helped the Group to
maintain its outstanding position in the field of chemical trade and
distribution. Determination to move forward in the face of odds, optimistic
out-look and never sagging urge to improve on the performance year to year,
have been a combining factor in achieving the status that the Group is
currently enjoying.
A Continuous Endeavour
Looking ahead they are confident enough in their ability to exploit new market
opportunities brought about by the changing global scenario. It will be their
constant endeavor to provide better and improved services to both their
customers and principals / suppliers, which is the key strength to their
success.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.39.39 |
|
UK Pound |
1 |
Rs.81.31 |
|
Euro |
1 |
Rs.57.44 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
- |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
22 |
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. |
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 |
|