MIRA
INFORM REPORT
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Report Date : |
28.09.2007 |
IDENTIFICATION DETAILS
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Name : |
UNITOP CHEMICALS LIMITED |
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Registered Office : |
Plot No. A-18,
MIDC Estate, Patalganga, District Raigad, Rasayani – 410 220, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
11.08.1980 |
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Com. Reg. No.: |
11-22967 |
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CIN No.: [Company
Identification No.] |
U24110MH1980PTC022967 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMU04172A |
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PAN No.: [Permanent
Account No.] |
AAACU1406F |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacture and |
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 1098000 |
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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 experienced and respectable businessmen. Trade relations are
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 Company can be regarded promising business partner in medium to
long run. |
LOCATIONS
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Registered Office : |
Plot No. A-18, MIDC
Estate, Patalganga, District Raigad, Rasayani – 410 220, |
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Tel. No.: |
91-2192-250083 |
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Fax No.: |
91-2192-250117 |
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E-Mail : |
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Website : |
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Location : |
Leased |
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Head Office : |
Sony Apartments,
1st Floor, Opp. St. Jude Church, Off Andheri – |
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Tel. No.: |
91-22-28510275, 28511541, 28512273, 28513436 |
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Fax No.: |
91-22-28513247 |
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E-Mail : |
ucl@vsnl.com / office@unitopgroup.com |
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Location : |
Owned |
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Plants : |
*
Plot No. A-18, MIDC Estate, Patalganga,
District Raigad, Rasayani – 410 207, *
TTC Area, * Silvassa,
Dadra & Nagar Haveli, Union Teritorry |
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Correspondent Address : |
Unitop House, C-Wing, |
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Tel. No.: |
91-22-2852 9800 |
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Fax No.: |
91-22-2851 3247 |
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Branches : |
Located at : Ahmedabad, |
DIRECTORS
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Name : |
Mr. Kishin Rajani |
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Designation : |
Director |
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Address : |
100A, Collector’s Colony, Chembur, Mumbai – 400 074, |
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Name : |
Mrs. Pushpa Rajani |
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Designation : |
Director |
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Address : |
100A, Collector’s Colony, Chembur, Mumbai – 400 074, |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Kishin Rajani |
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1 |
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Mrs. Pushpa Rajani |
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1 |
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Names of Shareholders |
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Percentage of
Holding |
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Bodies Corporate |
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35.19 |
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Directors and Directors Relatives |
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64.81 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacture and |
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Products : |
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GENERAL INFORMATION
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Customers : |
Some of the Major
Customers of the company are : v
Agrevo
India Limited v
Bayer
India Limited v
Cheminova
India Limited v
De-Nocil
Crop Protection v
Eid-Parry
India Limited v
Ficom
Organics Limited v
Grasim
Industries Limited |
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No. of Employees : |
Around 200 |
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Bankers : |
+ Vijaya Bank, + ABN Amro Bank |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Madan Mohan
Chaturvedi and Company Chartered
Accountants |
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Address : |
24, |
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Memberships : |
s
Association
of Small & Medium Chemical Manufacturers s
Basic
Chemicals, Pharmaceutical & Cosmetics Export Promotion Council s
Indian
Institute of Chemical Engineers s
Indian
Pulp & Paper Technical Association s
Indian
Institute of Packaging s
Indian
Merchants Chamber s
Indo-American
Chamber of Commerce s
Indo
German Chamber of Commerce s
s
Pesticides
Manufacturers and Formulators Association of |
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Subsidiaries : |
+ Barkur Surfactants Private Limited +
Unitop Estate Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50,000 |
Equity Shares |
Rs. 100/- each |
Rs. 5.000 millions |
Issued Capital :
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No. of Shares |
Type |
Value |
Amount |
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50,000 |
Equity Shares |
Rs. 100/- each |
Rs. 5.000 millions |
Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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34,667 |
Equity Shares |
Rs. 100/- each |
Rs. 3.467 millions |
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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3.467 |
3.467 |
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2] Reserves & Surplus |
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271.000 |
221.537 |
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NETWORTH |
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274.467 |
225.004 |
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LOAN FUNDS |
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1] Secured Loans |
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4.966 |
0.000 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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4.966 |
0.000 |
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DEFERRED TAX LIABILITIES |
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2.487 |
2.210 |
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TOTAL |
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281.920 |
227.214 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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30.289 |
24.814 |
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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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161.033 |
97.280 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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13.610 |
12.490 |
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Sundry Debtors |
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44.724 |
43.415 |
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Cash & Bank Balances |
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9.336 |
32.778 |
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Loans & Advances |
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43.859 |
29.063 |
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Total
Current Assets |
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111.529 |
117.746 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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20.229 |
12.279 |
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Provisions |
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0.702 |
0.347 |
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Total
Current Liabilities |
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20.931 |
12.626 |
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Net Current Assets |
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90.598 |
105.120 |
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TOTAL |
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281.920 |
227.214 |
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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 (Including Other Income ) |
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352.725 |
288.871 |
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Total Income |
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352.725 |
288.871 |
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Profit/(Loss) Before Tax |
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63.311 |
28.079 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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63.311 |
28.079 |
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Earnings in Foreign Currency : |
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Export Earnings |
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49.153 |
40.307 |
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Total Earnings |
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49.153 |
40.307 |
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Total Expenditure |
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289.414 |
260.702 |
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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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17.95 |
9.72 |
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Net Profit Margin (PBT/Sales) |
(%) |
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17.95 |
9.72 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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20.90 |
11.70 |
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Return on Investment (ROI) (PBT/Networth) |
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0.23 |
0.12 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.10 |
1.06 |
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Current Ratio (Current Asset/Current Liability) |
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5.33 |
9.32 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY
Subject was
incorporated on
The company has
shifted its Registered Office from “3, Rewa Chambers, 3, New Marine Lines,
Mumbai – 400 020” to present address, recently.
The company was later
converted into a Private Limited Liability company.
Subject is a part
of Unitop Group.
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Corporation identity number (CIN) or foreign company registrations number of the company |
U24110MH1980PTC022967 |
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Name of the company |
UNITOP CHEMICALS LIMITED |
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Address |
Plot No. A-18,
MIDC Estate, Patalganga, District Raigad, Rasayani – 410 220, |
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This Form is for |
Creation of charge |
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Type of Charges |
Hypothecation |
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Particular of the charge holder |
Vijaya Bank, |
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Nature or description of the instrument creating charge |
Hypothecation of agreement |
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Date of the instrument creating charge |
05.09.2006 |
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Amount Secure by the charge |
Rs. 12.000 millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
Rate of Interest libor plus 0.50% BPS with rest clause, Margin 25% (Subject to change other terms and conditions as per agreement attached and as per sanction letter of the bank) |
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Description of the property charge whether it is a charge on |
Plant and Machinery |
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Particulars of the Property charged |
First charge (present and future) – Hypothecation of new ethoxylation process plants with accessories proposed to be imported at cost of UKP 175000 |
The company’s fixed
assets of important value include land, building, plant & machinery,
furniture & fixtures, office equipments, vehicles, electrical installation
and computers.
As Per Web:
Profile :
They are one of the largest
producers of Specialty Chemicals in
With years of experience, UNITOP has built on its commitment not only to service
but also to quality and technical expertise, becoming one of
They offer a range of services to
industries like Pesticides, Agro Chemicals, Oil Fields, Personal Care Products,
Pharmaceuticals etc.
The group is having its
corporate office in Mumbai near international airport. An ISO 9001:2000
certified company we have established ourselves in various surfactants and
specialty chemicals for agro-chemical formulations, oil exploration, refining,
textiles, pharmaceuticals, rubber and plastic industries for the past 30 years
and today are one of the leading manufacturers of NON-IONIC/ANIONIC
surfactants.
The group is also engaged in export production of agro emulsifiers/
surfactants.
R and D Centre:
The success story of us is attributed to R&D efforts on newer products and product applications, trouble identification and quality assurance. Equipped with sophisticated instruments, our team of research scientists with their innovative approach and product knowledge, develop products to meet customer's growing demands for best performance at reduced cost and with longer shelf life.
The research and development center which is fully dedicated to quality standardization, product development and process standardization. The group is also equipped with team of technically and commercially qualified professionals.
Offices and R&D Centre:
R & D Centre at
Mumbai. Corporate Office at Mumbai Branch Offices at Ahmedabad,
Technology Base
The
success story of is attributed to R&D efforts on newer products and product
applications, trouble identification and quality assurance. Equipped with
sophisticated instruments, team of research scientists with their innovative
approach and product knowledge, develop products to meet customer's growing
demands for best performance at reduced cost and with longer shelf life. Their
research and development center which is fully dedicated to quality
standardization, product development and process standardization. The group is
also equipped with team of technically and commercially qualified
professionals.
Main Activities
+
Specialized in
Agro-chemical additives, Surfactants, Wetting Agents, Solubilisers and
Stabilizers.
+
Shampoo Bases,
specialized Anionic Surfactants for personal care products, cosmetics and
agro-chemical
industry.
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Specialized in
tailor-made Oil Field chemicals and Pesticide Emulsifiers.
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.39.79 |
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1 |
Rs.81.23 |
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Euro |
1 |
Rs.56.41 |
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 |
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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 |
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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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