MIRA
INFORM REPORT
|
Report Date : |
27.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
VASUDHA CHEMICALS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
5th Floor, Sai Ashish, ‘A’ Wing, Balrajeshwar Road, Mulund (
West ), Mumbai – 400 080, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2004 |
|
|
|
|
Date of Incorporation : |
28.04.1986 |
|
|
|
|
Com. Reg. No.: |
11-39676 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U24110MH1986PTC039676 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMV10154E |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACV0148F |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturers and Exporter of Speciality Chemicals and Drugs
Intermediates |
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 |
|
Maximum Credit Limit : |
USD 66320 |
|
|
|
|
Status : |
Undetermined |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company with a paid up capital of Rs. 2.450
Millions. Estimated turnover to the company can be Rs. 20.000 Millions. No
payment records behaviour or trade relations are known. Management claims that they only import from China. Initially, Fully safe and secure business dealings are recommended in
absence of require financial details.
|
LOCATIONS
|
Registered Office : |
5th Floor, Sai Ashish, ‘A’ Wing, Balrajeshwar road, Mulund
( West ), Mumbai – 400 080, Maharashtra, India |
|
Tel. No.: |
91-22-25684382/ 25611827 |
|
Fax No.: |
91-22-25643680 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
|
Name : |
Mr. Padmakar M Ugavekar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Suresh Shetty |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Gopal S Poojary |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Kishor Parab |
|
Designation : |
Director |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Padmakar Ugavekar |
|
10 |
|
Mr. Suresh Shetty |
|
10 |
|
Mr. Gopal Poojary |
|
10 |
|
Mr. Kishor Parab |
|
10 |
|
|
|
|
|
Total |
|
40 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and Exporter of Speciality Chemicals and Drugs
Intermediates |
|
|
|
|
Products : |
v Benzhydrol – Technical And Benzhydrol - Hi Purity v Parachloro Benzhydrol v Polysorbates v Polyglycols Of Various Grades v General Emulsifiers v Nonionic Emulsifiers (Based On Nonyl Phenol. Octyl Phenol Etc.) |
GENERAL
INFORMATION
|
Bankers : |
v Vijaya Bank Gaurav Corner, Navghar Road, Mulund ( East
), Mumbai – 400 081, Maharashtra, India |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
· Nitin Madan Chartered Accountants · Anil Naik and Association Chartered Accountants |
|
|
|
|
Associates/Subsidiaries : |
NIL |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
400000 |
Equity Shares |
Rs. 10/- each |
Rs. 4.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
245000 |
Equity Shares |
Rs. 10/-
each |
Rs. 2.450
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2004 |
31.03.2003 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
2.450 |
2.450 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
14.130 |
12.737 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
16.580 |
15.187 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
2.725 |
2.599 |
|
|
2] Unsecured Loans |
|
10.457 |
14.572 |
|
|
TOTAL BORROWING |
|
13.182 |
17.171 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
29.762 |
32.358 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
3.610 |
3.946 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.125 |
0.125 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
9.370 |
2.412 |
|
|
Sundry Debtors |
|
11.451 |
15.294 |
|
|
Cash & Bank Balances |
|
0.251 |
2.757 |
|
|
Other Current Assets |
|
11.421 |
13.153 |
|
|
Loans & Advances |
|
0.417 |
0.036 |
|
Total
Current Assets |
|
32.910 |
33.652 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
6.883 |
5.365 |
|
|
Provisions |
|
0.000 |
0.000 |
|
Total
Current Liabilities |
|
6.883 |
5.365 |
|
|
Net Current Assets |
|
26.027 |
28.287 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
29.762 |
32.358 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2004 |
31.03.2003 |
|
|
Sales Turnover |
|
55.618 |
54.440 |
|
|
Other Income |
|
0.000 |
0.000 |
|
|
Total Income |
|
55.618 |
54.440 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
3.501 |
6.378 |
|
|
Provision for Taxation |
|
1.264 |
2.342 |
|
|
Profit/(Loss) After Tax |
|
2.237 |
4.036 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Interest
|
|
2.476 |
2.308 |
|
|
Depreciation & Amortization |
|
0.812 |
0.857 |
|
|
Other Expenditure |
|
48.828 |
44.897 |
|
Total Expenditure |
|
52.116 |
48.062 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2004 |
31.03.2003 |
|
PAT / Total Income |
(%) |
|
4.02 |
7.41 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
6.29 |
11.71 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
9.55 |
16.90 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.21 |
0.41 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
1.21 |
1.48 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
4.78 |
6.27 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
M/s VASUDHA CHEMICALS PRIVATE LIMITED |
||||||||||
|
Presented
By |
Jointly by Company and Shareholder |
||||||||||
|
1) Date and description of instrument creating the change |
Dated 30.04.1997 a)
Memorandum of
deposit of title deeds b)
Hypothecation
of Agreement c)
Agreement
for demand Cash Credit against Hypothecation of stocks and book debts d)
Agreement
for Hypothecation of supply Bills e)
Agreement
for bills for Rs. 1.000 Million f)
Agreement
for bills for Rs. 1.500 Millions g)
Agreement
for bills for Rs. 3.000 Millions h)
Letter of
continuing securities i)
( All the
above agreements forms part of a single charge ) |
||||||||||
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 9.500
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 |
a)
Equitable
mortgage of factory, Land and Building owned by the Company situated at Plot
No. 4/5, MIDC Industrial Area, Taloja, Taluka – Panvel. b)
Hypothecation
of entire present (As per list enclosed with Agreement) and future Plant and
Machinery owned by the company. c)
Hypothecation
of present and future stock in trade such as Chemicals etc. Stored at Plot
No. 4/5, MIDC, Industrial Area, Taloja Dist. Raigad and Book debts owned by
the company. d)
Hypothecation
of present and future supply bills, receivables and debts and owned by the
company. e)
Hypothecation
of Goods brought under credit, inland Letter of credit and Bank guarantees
and goods sold under foreign documentary bills purchased limit. |
||||||||||
|
4) Gist of the terms and conditions and extent and operation of the charge. |
As per Bank rules |
||||||||||
|
5) Name and Address and description of the person entitled to the charge. |
Vijaya Bank Mulund ( East )
Branch Mumbai |
||||||||||
|
6) Date and brief description of instrument modifying the charge |
Dated 10.12.2003 v
Agreement
for demand Cash and Credit against hypothecation of Stocks and Book debts v
Supplementary
Agreement v
Letter of Guarantee v
Agreement to
extend charge on movable property v
Acknowledgement
of Liability v
Counter
guarantee for an individual guarantee ( All the above agreements constitute a single charge ) |
||||||||||
|
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 original
charge was created on 30.04.1997 for Rs. 9.500 Millions Registered as on
09.01.2001 and Doc No. 41. First
Modification Dated 07.03.2001 The charge amount secured is reduced from Rs.
9.500 millions to Rs. 7.900 Millions. Registered
on 23.03.2001 and Doc No. 44 By this
Modification ( Second Modification ):
The total Charge
amount secured is enhanced from Rs. 7.900 Millions to Rs. 1.000 Million As
follows:
Security First charge ( Present
and Future ) In favour of the Bank as security for the due repayment by the
company to the Bank on demand, All monies at any time payable by the company
to the bank in respect of the aforesaid credit facility:
Collateral Securities :
Terms and
Conditions Rate of Interest: 1.
Cash
Credit - 13% 2.
FLC – 90
Days – As per HOC guidelines 3.
Bank
Guarantee – Financial : Rs. 100+0.75 Per Quarter and part thereof performance
: Rs. 100 + 0.50 per quarter and part thereof Other terms and conditions same as per the agreement attached and as
per Bank sanction letter |
|
Corporate
identity number of the company |
U24110MH1986PTC039676 |
|
Name of the
company |
VASUDHA CHEMICALS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
5th Floor, Sai Ashish, ‘A’ Wing, Balrajeshwar road, Mulund
( West ), Mumbai – 400 080, Maharashtra, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
Hypothecation Equitable mortgage or mortgage of property by depositing the title deeds |
|
Particular of
charge holder |
Vijaya Bank Gaurav Corner,
Navghar Road, Mulund ( East ), Mumbai 400 081, Maharashtra, India |
|
Amount secured by
the charge |
Rs. 9.500
Millions |
|
Description of
the property charged indicating whether it is a charged on |
Immovable
properties |
|
Particulars of
the property charged |
EMG of Plot No. 4/5, MIDC IND, Area Taloja,
Taluka Panvel, Hypothecation of Plant and Machinery, Hypothecation of all
Stock in Trade, Hypothecation of Book debts and Receivables, Hypothecation of
Goods brought under L.C. |
|
Charge
identification number of the charge to be modified |
90243323 |
|
Brief description
of the instrument modifying the charge under section 135 |
( All the above
agreements constitute a single charge ) |
|
Date of
instrument modifying the charge |
22.05.2006 |
|
Particulars of
the present modification |
Limit enhanced to
Rs. 13.500 Millions, continued security given by original charge and by
modifications ( More described in Agreement ), Terms and conditions as per
agreement and sanction letter. |
WEBSITE DETAILS ATTACHED:
Promoter
Company is promoted by Mr. B. Sudhakar Shetty who is a technocrat himself.
Diploma in chemical engineering worked for various types of Industries such as
Fertiliser, Petrochemicals, Cryogenic Gas and Ammonia plant etc. After putting
in 15 years of experience in various industries, he ventured into his own
manufacturing activities in 1977.
The Company
Company is engaged in the manufacturing of various types of Ethoxylated and hydrogenated Speciality Chemicals. Bulk Drugs Intermediates, Emulsifiers, Nonionics and Poly Sorbates etc. At the initial state, the company was only manufacturing Speciality chemicals but now from Speciality chemicals, the company has diversified into Bulk Drugs Intermediates namely Benzhydrol and Parachloro Benzhydrol, Meta Phenoxy Benzyl Alcohol, Furfuryl Amine and many other bulk drug intermediates. They are also in a position to offer bulk drug hydrogenation and Ethoxylation.
Quality
The Quality is strength of their company. Their quality is conforming to
international standard. Not Only quality, the price offered by the company is
highly competitive as compared to the price offered by China and Japan.
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.39.68 |
|
UK Pound |
1 |
Rs.81.95 |
|
Euro |
1 |
Rs.58.79 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
- |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
- |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
- |
|
--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 |
|
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 |
|