MIRA
INFORM REPORT
|
Report Date : |
23.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
ARVIND CHEMI
SYNTHETICS PRIVATE LIMITED |
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Registered Office : |
B-7/7, Safdarjung
Enclave, New Delhi-110029 |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
09.02.1984 |
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Com. Reg. No.: |
55-17513 |
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CIN No.: [Company
Identification No.] |
U74899DL1984PTC017513 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELA02818E |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacturers and
Exporters of High Density Polyethylene Sand Bag, PP Woven Sacks and Tarpaulin |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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. |
Small |
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Maximum Credit Limit : |
USD 200000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Profit margin of the Company is moderate. Payments are reported as slow but correct. General financial position of the Company
is moderate. The Company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
B-7/7, Safdarjung
Enclave, New Delhi-110029, India |
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Tel. No.: |
91-11-41650427/
26102333 / 26183329 |
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Mobile No.: |
91-9910696136 |
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Fax No.: |
91-11-41650428/51650428 |
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E-Mail : |
info@arvindchemi.com,sales@arvindchemi.com,support@arvindchemi.com, acspl@del6.vsnl.net.in |
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Website : |
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Location : |
Residential |
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Factory 1 : |
139, Rojka Meo
Industrial Area, Sohna, District Gurgaon, Haryana, India |
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Tel. No.: |
91-124-2362121 |
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Fax No.: |
91-124-2395009 |
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E-Mail : |
info@arvindchemi.com,sales@arvindchemi.com, support@arvindchemi.com |
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Location : |
Industrial |
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Factory 2 : |
Plot No. 35-36,
Sector 3A, Integrated Industrial Estate, Ranipur, Haridwar, Uttarkhand, India |
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Tel. No.: |
91-1334-239270 |
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Fax No.: |
91-1334-239280 |
DIRECTORS
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Name : |
Mr. Arvind Gupta |
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Designation : |
Director |
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Address : |
B-7/7, Safdarjung
Enclave, New Delhi-110029, India |
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Date of Birth/Age : |
04.09.1956 |
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Date of Appointment : |
02.05.1985 |
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Name : |
Ms. Sunita Gupta |
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Designation : |
Director |
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Address : |
B-7/7, Safdarjung
Enclave, New Delhi-110029, India |
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Date of Birth/Age : |
27.03.1960 |
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Date of Appointment : |
18.02.1998 |
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Name : |
Mr. Meght Raj
Gupta |
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Designation : |
Director |
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Address : |
B-7/7, Safdarjung
Enclave, New Delhi-110029, India |
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Date of Birth/Age : |
20.05.1928 |
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Date of Appointment : |
01.01.2005 |
KEY EXECUTIVES
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Name : |
Mr. Yogesh Kumar |
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Designation : |
Sales Executive |
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Mobile No. : |
91-9910696135 |
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Name : |
Mr. Yudhisthir Kumar |
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Designation : |
Sales Executive |
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Mobile No. : |
91-9910696136 |
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Name : |
Mr. Anil Sharma |
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Designation : |
Sales Executive |
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Mobile No. : |
91-9910696137 |
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Name : |
Mamta Jain &
Associates |
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Designation : |
Company Secretary |
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Address : |
1/C13,
Rajnigandha, New Rohtak Road, New Delhi-110005, India |
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Tel. No.: |
91-11-28716329/
28714562 |
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E-Mail : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of
Shareholders |
No. of Shares |
|
Equity Shares |
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Mr. Arvind Gupta |
333856 |
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Ms. Sunit Gupta |
5900 |
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Mr. Meght Raj
Gupta |
17000 |
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Mr. N.M.
Vachharajani |
14600 |
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Ms. Ram Murti
Gupta |
4000 |
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Ms. Arti Sanghi |
162144 |
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Total |
537500 |
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Preference Shares |
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Mr. Arvind Gupta |
8000 |
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Equity Share
Break-up |
Percentage of
Holding |
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Director or relatives of Directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and
Exporters of High Density Polyethylene Sand Bag, PP Woven Sacks and Tarpaulin |
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Products : |
Ø
High Density
Ply Ethylene and Poly Propylene Woven Sacks Ø
High Density
Ply Ethylene and Poly Propylene Fabrics Ø
High Density
Ply Ethylene and Poly Propylene Sand Bags Ø
High Density
Ply Ethylene and Poly Propylene Tarpaulins |
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Imports from : |
Europe and China |
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Terms : |
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Selling : |
Letter of Credit
Basis |
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Purchasing : |
On document against Payment/ Letter of credit
at sight |
PRODUCTION STATUS
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
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Fabrics and Bags |
M.T. |
600 |
600 |
492.748 |
GENERAL
INFORMATION
|
Customers : |
Ø
Ministry of
Defence, India Ø
Ministry of
Defence, Ghana Ø
UN Peace
Keeping Force, USA Ø
Defence
Ministry, Sri Lanka Ø
Sukhjeet
Starch Ø
Kalinga
Cement Ø
Diamond
Cement Ø
Kribhco
Cement Ø
Modi Cement Ø
Omer Poly
Packs Ø
Durga
Packers Ø
Excel
Industries Limited |
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No. of Employees : |
100 |
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Bankers : |
Ø
HDFC Bank
Limited, Dear Park Branch, New Delhi Ø
Central Bank
of India, Green Park Branch, New Delhi-110016 Ø
United Bank
of India, Connaught Circus Branch, New Delhi-110001 Ø
United Bank of
India, Ranipur Morth, Haridwar-265602, Uttaranchal |
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Facilities : |
Term Loan : Rs.36 millions
from United Bank of India as per Hypothecationagreement dated 28.03.20006. It
is secured against immovable properties, Plant and machinery, stock in trade,
book debts. Cash Credit Facilities : Rs.10 millions
from United Bank of India as per hypothecation agreement dated 28.03.2006. It
is secured against mortgage of property by depositing title deeds situated at
Haridwar Factory, Haridwar, Uttaranchal, India and inventories, book debts,
plant and machinery. Term Loan and Cash Credit Facilities : Rs.54.500
millions from United Bank of India, Ranipur Morth, Haridwar-265602,
Uttaranchal as per the details given below :
It is secured against
immovable properties, book debts, inventories. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Yogesh Aggarwal Chartered Accountants |
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Address : |
101, Delhi Chamber Building, Delhi Gate, New Delhi 110002, India |
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Associates/Subsidiaries : |
Alfa Plast
Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
700000 |
Equity Shares |
Rs. 10/- each |
Rs. 7.000 Millions |
|
23000 |
Preference Shares |
Rs. 1000/- each |
Rs. 23.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
687500 |
Equity Shares |
Rs. 10/- each |
Rs. 6.875
Millions |
|
23000 |
Preference Shares |
Rs. 1000/- each |
Rs. 23.000
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
29.875 |
13.375 |
13.375 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
21.206 |
7.650 |
7.586 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
51.081 |
21.025 |
20.961 |
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LOAN FUNDS |
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1] Secured Loans |
5.247 |
0.755 |
0.000 |
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2] Unsecured Loans |
6.407 |
7.154 |
1.960 |
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TOTAL BORROWING |
11.654 |
7.909 |
1.960 |
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DEFERRED TAX LIABILITIES |
0.680 |
0.250 |
0.144 |
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TOTAL |
63.415 |
29.184 |
23.065 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.524 |
4.144 |
5.070 |
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Capital work-in-progress |
23.308 |
6.409 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
11.306
|
6.077 |
3.741 |
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Sundry Debtors |
10.781
|
3.617 |
5.380 |
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Cash & Bank Balances |
6.692
|
15.522 |
17.013 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
10.342
|
10.717 |
8.649 |
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Total
Current Assets |
39.121
|
35.933 |
34.783 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
1.499
|
17.302 |
16.788 |
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Provisions |
1.039
|
0.000 |
0.000 |
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Total
Current Liabilities |
2.538
|
17.302 |
16.788 |
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Net Current Assets |
36.583
|
18.631 |
17.995 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
63.415 |
29.184 |
23.065 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Sales Turnover |
40.346 |
31.657 |
29.104 |
|
Other Income |
0.874 |
1.468 |
0.000 |
|
Job Work |
0.000 |
0.196 |
0.000 |
|
Total
Income |
41.220 |
33.321 |
29.104 |
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|
|
|
|
|
Profit/(Loss)
Before Tax |
0.337 |
0.274 |
(0.509) |
|
Provision for
Taxation |
0.000 |
0.000 |
0.000 |
|
Profit/(Loss)
After Tax |
0.337 |
0.274 |
(0.509) |
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|
|
|
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|
Total Expenditure |
40.883 |
33.047 |
28.697 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
0.81
|
0.82 |
(1.75) |
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Net Profit Margin (PBT/Sales) |
(%) |
0.83
|
0.86 |
(1.85) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.79
|
0.68 |
(1.28) |
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Return on Investment (ROI) (PBT/Networth) |
|
0.006
|
0.01 |
(2.43) |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.27
|
1.19 |
0.80 |
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|
Current Ratio (Current Asset/Current Liability) |
|
15.41
|
2.07 |
2.07 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
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This Form is for |
Creation of Charge |
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Charge
identification number of the charge to be modified |
NA |
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Corporate identity
number of the company |
U74899DL1984PTC017513 |
|
Name of the
company |
ARVIND CHEMI
SYNTHETICS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
B-7/7, Safdarjung
Enclave, New Delhi-110029, India |
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Type of charge |
Ø
Immovable
property Ø
Book debts Ø
Movable
property |
|
Particular of
charge holder |
United Bank of
India Ranipur Morh,
Haridwar 265602, Uttaranchal |
|
Nature of description
of the instrument creating or modifying the charge |
Ø
Term loan
agreement dated 01.11.2006 Ø
DPN dated
02.11.2006 Ø
Agreement of
hypothecation of movable plant and machinery dated 02.11.2006 Ø
Agreement of
hypothecation of goods dated 02.11.2006 Ø
Letter of
guarantee dated 02.11.2006 |
|
Date of
instrument Creating the charge |
01.11.2006 |
|
Amount secured by
the charge |
Rs. 54.500
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
[a] Rate of Interest
On Term Loan –
I[Upto Rs. 36.000 Millions : 11.50%
p.a. On Term Loan – II
[For Rs; 2.000 Millions : 13.50%
p.a. On Term Loan –
III (For Rs. 2.500 Millions : 13.50%
p.a. On cash Credit –
I [Upto Rs. 10.000 Millions: 11.50% p.a. On Cash Credit –
II (For Rs. 4.000 Millions : 13.50%
p.a. [b] Terms of
repayment Payable by
Consecutive monthly installments besides interest as per the schedule below : 2007-08 81.00 @ Rs. 0.675 Millions per month 2008-09 81.00 @ Rs. 0.675 Millions per month 2009-10 81.00 @ Rs. 0.675 Millions per month 2010-11 81.00 @ Rs. 0.675 Millions per month 2011-12 81.00 @ Rs. 0.675 Millions per month [c] Margin Term Loan : 40% Cash Credit : 25% [d] Extent and
operation of the charge Primary Security
:
|
|
Short particulars
of the property charged |
1. EMG of Leasehold factory land and building
and hypothecation of plant and machinery, equipment etc. of the haridwar unit
of the Company 2. Hypothecation of stock of raw materials,
W.I.P., finished goods at the Company’s haridwar unit including stock in
transit and hypothecation of Company’s Book Debts. 3. EMG of Company’s Factory land and building
at Sohna (Haryana) |
|
Date of latest
modification prior to the present modification |
NA |
|
Particulars of
the present modification |
NA |
Website Details :
They are
endeavoured to serve the export industry with full pride and honesty. Satisfying
the expectations of domestic and international clients, providing optimum
quality and making the latest products available in the market has always been
their prime objective.
Subject is a New Delhi, India based manufacturers and exporters of High Density Poly Ethylene and Poly Propylene (HDPE & PP) Woven Sacks, Tarpaulins, Fabrics and Sand bags.
Established in 1984, the company has developed leaps and bounds in its area of operation. Subject has been a trendsetter in the domestic market and has been producing quality fabrics, tarpaulins, HDPE & PP woven sacks and sand bags.
They are the first company in India to have introduced the concept of sand bags
to Ministry of Defence in the year 1986 and after successful trials got it
introduced for their use.
The plant of the company is situated at Sohna in Haryana state of India
approximately 50 kilometers away from its headquarter in New Delhi.
Their Clients
They are proud to be associated with their clients all of whom are their most satisfied customers. Their clients are ever increasing and they are regularly receiving export enquiries from International Market for our products
The company hopes for a long lasting mutual relation of trust and faith with its esteemed clients
High Density Poly Ethylene &
Poly Propylene Woven Sacks
Description
HDPE & PP Woven Sacks are made in their factory under rigorous quality and
test standards so that it meets all the expectations of the user.
These
woven sacks comes in a wide range of attractive colours. These sacks can also
be customized according to the customers need.
These
bags are very light in weight but strong in its carrying capacity.
Key
Benefits
HDPE & PP Woven Sacks can be used to pack Starch, Cement, Fertilizers,
Chemicals, Detergents, Food grains, Sugar, Salt etc.
Major
Clients
Kribhco
Cement, Sukhjeet Starch, Kalinga Cement.
High Density Poly Ethylene and
Poly Propylene Fabrics
Description
HDPE
& PP Fabrics are made in their factory under rigorous quality and test standards
so that it meets all the expectations of the user.
The
high quality fabric manufactured is of width ranging from 15'' to 48'' and
length as per the customers requirement.They also have their own stiching and
printing facilities for the bags and sacks.
These
fabrics are very light in weight but strong in its carrying capacity and lasts
much longer.
Key
Benefits
HDPE
& PP Fabrics can be used to cover Aircrafts, Trucks, Tempos, Trailer Truck,
Railway Wagon, Industrial outside Storage, Machine, and Agriculture products at
Farms.
HDPE
fabric not only protects Aircrafts & helicopters and its canopies from sun
and rain but also from ultra violet rays which is known to damage plastic
materials and is more reliable and cost effective.
High Density Poly Ethylene &
Poly Propylene Sand Bags
Description
HDPE
Sand Bags are made in their factory under rigorous quality and test standards
so that it meets all the expectations of the user.
They
also specialize in manufacture of sand bags used by defence forces and in flood
management.
These bags are very light in weight but strong in its carrying capacity.
Key
Benefits
HDPE Sand Bags are used by defence forces and paramilitary forces allover the
world for sand bagging and flood management.
These bags
are camouflaged and ultra violet stabilized which give them much more
durability than the conventional jute bags.
Major
Clients
Ministry Of Defence, India, Ministry Of Defence, Ghana, UN Peace Keeping Force.
High Density Poly Ethylene &
Poly Propylene Tarpaulins
Description
HDPE
& PP Tarpaulins are made in their factory under rigorous quality and test
standards so that it meets all the expectations of the user.
These
are water, dust, fungi and other microbes resistant which generally reduces the
life of the tarpaulins by as much as 50%.
These
are also very light in weight and comes in a variety of sizes and colors.
They can also produce one according to the client's requirements.
Key
Benefits
HDPE & PP Tarpaulins is used to cover up army trucks, machineries,
perishable food materials.
It can
also be used as a shelter in normal or harsh weather conditions in some of the
inhospitable places on earth like Alaska, Antartica.
Major
Clients
Defence
Ministry,India, Defence Ministry, Ghana.
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 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. 39.41 |
|
UK Pound |
1 |
Rs. 81.37 |
|
Euro |
1 |
Rs. 58.56 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
37 |
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 |
|