MIRA
INFORM REPORT
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Report Date : |
01.10.2007 |
IDENTIFICATION DETAILS
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Name : |
CHEMET CHEMICALS PRIVATE LIMITED |
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Registered Office : |
D / 63 , Silver Arc Bldg. Near |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
01.01.1973 |
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Com. Reg. No.: |
04-2193 |
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CIN No.: [Company
Identification No.] |
U24299GJ1973PTC002193 |
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IEC No.: |
8880117901 |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturers and Exporters of Agro Chemicals, Pesticides,
Plant Protection Chemicals. |
RATING & COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 130000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established 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. |
LOCATIONS
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Registered Office / Administrative Office : |
D / 63 , Silver Arc Bldg. Near Gujarat Railway Crossing,
Ellisebridge, Ahmedabad – 380 006, |
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Tel. No.: |
91-79-26583242, 26587111, 65236779 |
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Mobile No.: |
91-9879114065 |
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Fax No.: |
91-79-26583242 |
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E-Mail : |
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Website : |
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Corporate Office : |
1st Floor Kalvan Niwas, |
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Factory 1 : |
Plot No.82/1, Phase-I, GIDC Estate Vatwa, Ahmedabad – 382445 |
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Tel. No.: |
91-79-25830334 / 25895314 |
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Fax No.: |
91-79-25833146 |
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Factory 2 : |
Plot No. 6215,6230-31, GIDC Estate, Ankleshwar – 393002,
District:- Bharuch |
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Factory 3 : |
Plot No. 129/C/2, GIDC Estate, Ankleshwar –393002, District:
Bharuch |
DIRECTORS
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Name : |
Mr. Padmakant Trivedi |
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Designation : |
Managing Director |
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Address : |
401, |
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Date of Birth/Age : |
20.09.1933 |
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Date of Appointment : |
01.01.1973 |
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Name : |
Mr. Hardik Trivedi |
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Designation : |
Joint Managing Director |
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Address : |
37/2, Bima Nagar, |
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Date of Birth/Age : |
31.10.1961 |
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Date of Appointment : |
05.04.1987 |
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Name : |
Mr. Kandarp Trivedi |
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Designation : |
Joint Managing Director |
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Address : |
37/2, Bima Nagar, |
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Date of Birth/Age : |
05.02.1963 |
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Date of Appointment : |
24.05.2001 |
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Name : |
Mr. Vinodkumar Gordhanbhai Patel |
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Designation : |
Director |
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Address : |
Plot No. 6, Opposite Viratnagar, Block No. 1, B/H: GEB Office,
Ankleshwar – 393001, |
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Date of Birth/Age : |
07.05.1961 |
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Date of Appointment : |
01.04.2006 |
KEY EXECUTIVES
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Name : |
Rajesh Parekh and Company |
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Designation : |
Company Secretary |
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Address : |
104, |
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Tel No. : |
91-79-26440731 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Padmakant Trivedi |
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37260 |
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P |
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33660 |
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Hardit Trivedi |
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7740 |
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Kandarp Trivedi |
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7740 |
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Recuka Trivedi |
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2880 |
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Sruti Trivedi |
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360 |
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Paurvi Trivedi |
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180 |
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Neha Trivedi |
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180 |
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Total |
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90000 |
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Equity Share
Breakup |
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Category |
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Percentage of
Holding |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of Agro Chemicals, Pesticides,
Plant Protection Chemicals. |
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Products : |
v
Chemet v
DDT v
Parathion v
Malathion v
Fenvalerate |
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Imports : |
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Products : |
Raw Materials –Waste Paper |
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Countries : |
Europe and |
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Terms : |
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Purchasing : |
L/C and CAD Basis |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
165 |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mansukhbhai J. Shah and Company Chartered Accountants |
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Address : |
302 Smmarudhi Complex, Opposite Sakar III, Income Tax, Ahmedabad –
380009, |
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Associates/Subsidiaries : |
v
Chemet Wets and Flows Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity Shares |
Rs. 10/- each |
Rs.
2.500 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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90,000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.900 Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.900 |
0.900 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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32.384 |
30.676 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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33.284 |
31.576 |
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LOAN FUNDS |
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1] Secured Loans |
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4.997 |
4.696 |
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2] Unsecured Loans |
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0.550 |
0.000 |
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TOTAL BORROWING |
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5.547 |
4.696 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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38.831 |
36.272 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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10.184 |
9.770 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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2.762 |
2.762 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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8.389 |
5.809 |
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Sundry Debtors |
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15.723 |
12.293 |
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Cash & Bank Balances |
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8.180 |
9.625 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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6.079 |
3.299 |
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Total
Current Assets |
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38.371 |
31.026 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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8.394 |
3.688 |
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Provisions |
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4.092 |
3.598 |
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Total
Current Liabilities |
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12.486 |
7.286 |
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Net Current Assets |
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25.885 |
23.740 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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38.831 |
36.272 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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71.721 |
68.344 |
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Other Income |
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1.045 |
0.566 |
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Total Income |
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72.766 |
68.910 |
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Profit/(Loss) Before Tax |
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2.983 |
2.937 |
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Provision for Taxation |
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0.968 |
1.000 |
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Profit/(Loss) After Tax |
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2.015 |
1.937 |
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Expenditures : |
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Depreciation & Amortization |
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1.286 |
1.282 |
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Other Expenditure |
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68.497 |
64.691 |
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Total Expenditure |
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69.783 |
65.973 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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2.77 |
2.81 |
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Net Profit Margin (PBT/Sales) |
(%) |
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4.16 |
4.30 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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6.14 |
7.20 |
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Return on Investment (ROI) (PBT/Networth) |
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0.09 |
0.09 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.54 |
0.38 |
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Current Ratio (Current Asset/Current Liability) |
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3.07 |
4.26 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Name of the company |
CHEMET
CHEMICALS LIMITED |
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Presented By |
Mr. P. S.
Trivedi |
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1) Date and description of instrument creating the change |
Hypothecation
dated 11.06.1984 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.200 Million |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
On Existing Plant
and Machinery of the company |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Hypothecation of
Plant and Machinery rate of interest 16.5 % repayment within 5 years in
monthly installment. Copy of agreement enclosed. |
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5) Name and Address and description of the person entitled to the charge. |
Kalupur
Commercial Bank Limited G.I.D.C. Estate,
Vatwa |
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6) Date and brief description of instrument modifying the charge |
N.A. |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
N.A. |
AS PER WEBSITE
They
are committed to ushering an era of Crop Protection Agro Chemicals, Public
Health Formulations, Animal Health Chemicals, Seed Treatment Chemicals, Technical
Grade Pesticides by deploying contemporary solutions by continuously
innovating, manufacturing and marketing their products.
GOAL
Creating new possibilities and standing values for their
business associates, suppliers, customers, and most important end users as well
their employees, who correspond image of their company at every level and
creating presence for betterment of society.
VISION
To create strong presence in their manufacturing sector and
creating company as HUB
for various product by joining hand with domestic and international partner for
Crop Protection, Agro Chemicals, Public Health Formulations, Animal Health
Chemicals, Seed Treatment Chemicals, Technical Grade Pesticides from India.
QUALITY
POLICY
They are committed to manufacture quality Products as per
their customer’s requirements at competitive price and healthy
environment. They are commited to continual improvement with quality and
cost effective manner to serve their customers.
By implifying Quality Management System through ISO:9001-2000 standards with
Quality Products, Cost effectiveness and extending same for Environment and
Safety, they are commited to their customers.
Strictly following quality management processes and implementing
improvements thereon.
Bringing in the latest technological know-how Sticking to
delivery schedules
Maximizing value-for-money for client
Staying committed to professional management
THE COMPANY
Chemet Chemicals Limited, from
its inception as an SSI unit in 1973 has grown into a blue-chip company well
known in
Crop Protection, Agro Chemicals
Public Health Formulations
Animal Health Chemicals
Seed Treatment Chemicals
Technical Grade Pesticides
Subject is located having its registered office at Ahmedabad
and three seperate manufacturing sites for Crop Protection, Public Health and
Animal at vatva &
Location of the unit at GIDC Ankelshwer,is largest Industrial Estate in
PLANT AND EQUIPMENT
Their Plant is equipped to manufacture Suspension
Concentrate(SC), Wettable Dispersing Granules(WDG), Prills, Tablets,
Soluble Powder(SP), Flowable Suspension(FS), Soluble Concentrate(SC), Wettable
Powder(WP) Emlsifiable Concentrate (EC), Dusting Powder(DP) for the production
and packing line with automatic filling and sealing machine including
state-of-the-art machinery & testing equipment for all type of
formulations. They have seperate manufacturing sites for their product groups
to avoid cross contamination and by maintaining regulatory requirement and
permissions.
REGISTRATION
ECC NO : AAACC6399MXM002
S.T. NO :
24075600748 DT:23/02/2006
CST NO :
24575600748 DT:01/03/2006
IT NO :
AAACC6399M`
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.39.73 |
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1 |
Rs.81.37 |
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Euro |
1 |
Rs.56.63 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
8 |
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PAID-UP CAPITAL |
1~10 |
8 |
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OPERATING SCALE |
1~10 |
8 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
9 |
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--PROFITABILIRY |
1~10 |
7 |
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--LIQUIDITY |
1~10 |
8 |
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--LEVERAGE |
1~10 |
8 |
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--RESERVES |
1~10 |
8 |
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--CREDIT LINES |
1~10 |
8 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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72 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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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 |
|
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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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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