MIRA
INFORM REPORT
|
Report Date : |
29.09.2007 |
IDENTIFICATION DETAILS
|
Name : |
PARUL CHEMICALS LIMITED |
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Registered Office : |
'B' Tower, 8th Floor, Alcapuri Arcade, R. C. Dutt Road,
Vadodara– 390005, Gujarat |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
19.01.1987 |
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Com. Reg. No.: |
04-9324 |
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CIN No.: [Company
Identification No.] |
U24231GJ1987PLC009324 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BRDP00700A |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturers of Pesticides |
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 140000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track. Directors are reported as experience and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are usually
correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. The management of the company was found non-cooperative. The person
denied to part his name. |
LOCATIONS
|
Registered Office : |
'B' Tower, 8th Floor, Alcapuri Arcade, R. C. Dutt Road,
Vadodara– 390005, Gujarat, India |
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Tel. No.: |
91-265-2333896/ 2353990 / 23052334 |
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Fax No.: |
91-265-2334654 |
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E-Mail : |
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Website : |
DIRECTORS
|
Name : |
Mr. Dipesh Kantisen Shroff |
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Designation : |
Director |
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Address : |
Sanket, 39, Hatkesh Society, 6th N S Road, Juhu, Vile Parle
[West], Mumbai – 400056, |
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Date of Birth/Age : |
03.03.1960 |
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Date of Appointment : |
01.02.2001 |
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Name : |
Mr. Prakash Keshavji Shroff |
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Designation : |
Director |
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Address : |
114-B, R K Wadi, |
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Date of Birth/Age : |
18.03.1946 |
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Date of Appointment : |
19.07.1987 |
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Name : |
Ms. Chetana Praful Saraiya |
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Designation : |
Director |
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Address : |
4, View Villa, 425, |
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Date of Birth/Age : |
21.03.1950 |
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Date of Appointment : |
24.03.1992 |
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Name : |
Mr. Rajendra Vrajlal Mehta |
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Designation : |
Director |
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Address : |
A – 58, Samarpan Hou. Complex, |
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Date of Birth/Age : |
12.11.1946 |
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Date of Appointment : |
15.04.2000 |
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Name : |
Mr. Paresh Manilal Saraiya |
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Designation : |
Director |
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Address : |
9, Charotar Society, Old Padra, Vadodara – 390021, |
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Date of Birth/Age : |
12.08.1953 |
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Date of Appointment : |
19.01.1987 |
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Name : |
Mr. Manilal Saraiya |
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Designation : |
Director |
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Address : |
4, View Villa, 425, |
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Date of Appointment : |
19.01.1987 |
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Name : |
Mr. Praful Saraiya |
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Designation : |
Director |
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Address : |
4, View Villa, 425, |
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Date of Birth/Age : |
08.12.1947 |
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Date of Appointment : |
19.01.1987 |
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Name : |
Mr. Jayprakash Gosalia |
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Designation : |
Director |
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Address : |
C/o Excel Industrial Limited, 187, |
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Date of Birth/Age : |
10.01.1940 |
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Date of Appointment : |
15.04.2000 |
KEY EXECUTIVES
|
Name : |
Mr. Nimesh R. Jani |
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Designation : |
Senior Commercial Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
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No. of Shares |
|
Padmaja Saraiya |
|
101850 |
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Paresh Saraiya |
|
125514 |
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Abhay Saraiya |
|
27000 |
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Anand Saraiya |
|
25200 |
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Rakesh Saraiya |
|
24120 |
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Sunil Saraiya |
|
38070 |
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Geeta Saraiya |
|
45000 |
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Hema Saraiya |
|
106830 |
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Parul Dalal |
|
22500 |
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Shruti Shroff |
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11700 |
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Tejal Saraiya |
|
22500 |
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Manilal Saraiya |
|
27900 |
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Prakash Saraiya |
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111216 |
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Priti Shroff |
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91704 |
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Kamaljoyt Investments Limited |
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554850 |
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Equity Share
Breakup |
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Category |
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Percentage of
Holding |
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Bodies corporate |
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16.96 |
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Directors or relatives of directors |
|
80.04 |
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Other top fifty shareholders |
|
3.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Pesticides |
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Products : |
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PRODUCTION STATUS
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Particulars |
Unit |
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Installed
Capacity |
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Pesticides Formulations |
MT |
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3800 |
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Chloro Compounds |
MT |
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|
1800 |
GENERAL INFORMATION
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Bankers : |
Indian Overseas Bank, Vadodara–
390005, Gujarat, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
C. C. Chokshi and Company Chartered Accountants |
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Address : |
31, Nutan Bharat Society, Alkapuri, Vadodara – 390007, |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 30.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1,774,830 |
Equity Shares |
Rs. 10/- each |
Rs. 17.748
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 |
17.748 |
19.248 |
19.248 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
17.741 |
19.289 |
19.458 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
35.489 |
38.537 |
38.706 |
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LOAN FUNDS |
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1] Secured Loans |
53.648 |
49.151 |
42.605 |
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2] Unsecured Loans |
30.383 |
37.654 |
32.968 |
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TOTAL BORROWING |
84.031 |
86.805 |
75.573 |
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DEFERRED TAX LIABILITIES |
2.011 |
2.019 |
2.236 |
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TOTAL |
121.531 |
127.361 |
116.515 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
37.268 |
32.543 |
33.008 |
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Capital work-in-progress |
0.000 |
0.471 |
0.367 |
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INVESTMENT |
6.793 |
12.590 |
13.075 |
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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 |
60.662
|
63.274 |
59.770 |
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Sundry Debtors |
59.877
|
70.536 |
62.236 |
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Cash & Bank Balances |
6.213
|
10.727 |
7.135 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
11.945
|
6.819 |
9.379 |
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Total
Current Assets |
138.697
|
151.356 |
138.520 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
58.919
|
67.350 |
66.540 |
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Provisions |
2.308
|
2.249 |
1.924 |
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Total
Current Liabilities |
61.227
|
69.599 |
68.464 |
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Net Current Assets |
77.470
|
81.757 |
70.056 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.009 |
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TOTAL |
121.531 |
127.361 |
116.515 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
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Sales Turnover |
297.756 |
343.236 |
340.696 |
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Other Income |
5.443 |
1.018 |
6.703 |
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Total Income |
303.199 |
344.254 |
347.399 |
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Profit/(Loss) Before Tax |
1.403 |
[0.062] |
1.763 |
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Provision for Taxation |
0.850 |
0.107 |
0.128 |
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Profit/(Loss) After Tax |
0.553 |
[0.169] |
1.635 |
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Imports : |
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Total Imports |
NA |
3.993 |
3.426 |
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Expenditures : |
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Manufacturing Expenses |
0.000 |
0.000 |
6.708 |
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Administrative Expenses |
0.000 |
0.000 |
46.056 |
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Raw Material Consumed |
222.352 |
263.743 |
260.327 |
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Consumption of stores and spares parts |
1.580 |
0.875 |
0.000 |
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Increase/(Decrease) in Finished Goods |
[0.414] |
[0.265] |
0.000 |
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Salaries, Wages, Bonus, etc. |
20.498 |
19.734 |
18.066 |
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Managerial Remuneration |
0.000 |
1.200 |
0.000 |
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Payment to Auditors |
0.100 |
0.100 |
0.000 |
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Interest |
9.751 |
10.398 |
11.157 |
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Insurance Expenses |
0.824 |
0.761 |
0.000 |
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Power & Fuel |
2.230 |
1.936 |
0.000 |
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Depreciation & Amortization |
3.096 |
3.520 |
3.306 |
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Other Expenditure |
41.779 |
42.314 |
0.000 |
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Total Expenditure |
301.796 |
344.316 |
345.620 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
0.18
|
[0.05] |
0.47 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.47
|
[0.02] |
0.52 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.80
|
[0.03] |
1.03 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
[0.00] |
0.05 |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.09
|
4.06 |
3.72 |
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Current Ratio (Current Asset/Current Liability) |
|
2.27
|
2.17 |
2.02 |
LOCAL AGENCY FURTHER INFORMATION
FIXED ASSETS
- Land
- Factory
- Plant and
Machinery
- Piping and
Instrumentation
- Vehicles
- Office
Furniture
- Office
Equipments
- Goodwill
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U24231GJ1987PLC009324 |
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Name of the
company |
PARUL CHEMICALS LIMITED |
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Address of the
registered office or of the principal place of business in |
'B' Tower,8th Floor, Alcapuri Arcade, R. C. Dutt Road,
Vadodara, Gujarat - 390 005 Vadodara, Gujarat, INDIA PIN-390 005 |
|
This form is for |
Modification of
Charge |
|
Type of charge |
Hypothecation
|
|
Particular of
charge holder |
Indian Overseas
Bank Darpan Apartment,
Near hotel Welcome, R. C. Dutt Road, Vadodara – 390007, Gujarat, India |
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Nature of
instrument creating charge |
By execution of suppt.
Letter of hypothecation various credit facilities was secured to the extent
of Rs. 72.519 Millions |
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Date of
instrument Creating the charge |
27.07.2004 |
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Amount secured by
the charge |
Rs. 12.000
Millions |
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Brief of the principal
terms an conditions and extent and operation of the charge |
The company shall
not during the continuance of this deed pledge, mortgage or without prior
written consent of the Bank Interest / commission/ Discount will be charged
as per Bank’s Rules / RBI’s Guidelines.
|
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Description of
the property charged indicating whether it is a charged on |
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Particulars of
the property charged |
All movable as described
at Branch above at A 1-96 and 94-B, A8/2/A, GIDC, Nandesari, Vadodara |
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Charge
identification number of the charge to be modified |
122 |
|
Brief description
of the instrument modifying the charge under section 135 |
Supplementary letter
of hypothecation |
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Date of
instrument modifying the charge |
30.01.2006 |
|
Particulars of
the present modification |
By this supple.
Letter of hypothecation dated 30.01.2006 various enhanced cr. Facilities to the
extent of Rs. 12.000 Millions has been further charged and with this
aggregate cr. Facilities stand secured to Rs. 78.634 Millions |
AS PER WEBSITE
Subject is the Pesticides
formulations company in
Subject is a part of a group of
companies headed by the flagship company Excel Industries Limited the Indian
agrochem giant, and having member companies such as Transpek Industry Limited
(one of the largest manufacturer of Thionyl Chloride), Punjab Chemicals
Limited, Hydrabad Chemicals and others, who are either directly in agrochemical
business or manufacturer of Intermediates.
Over the last 2 decades, subject
has built facilities for packing and formulating liquid formulations, Dusts and
wettable powder. It has also developed full fledged quality control facilities
to ensure the high quality standards of its products. Subject has been annually
formulating 1300- 1500 k.l. liquid, 3000 MT Dust and 200 MT of WP. Subject also
has an all-lndia market presence and annual turnover of Rs.260 Millions.
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.39.73 |
|
|
1 |
Rs.81.37 |
|
Euro |
1 |
Rs.56.63 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
|