MIRA
INFORM REPORT
|
Report Date : |
10.10.2007 |
IDENTIFICATION DETAILS
|
Name : |
RESINOVA CHEMIE
LIMITED |
|
|
|
|
Formerly Known as : |
PARIKH RESINS AND
POLYMERS LIMITED |
|
|
|
|
Registered Office : |
54 / 38, Naya
Ganj, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
29.09.1995 |
|
|
|
|
Com. Reg. No.: |
20-18135 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U24131UP1995PLC018135 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
KNPR01524F |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AABCR6406N |
|
|
|
|
Legal Form : |
Closely Held
Public Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer, Exporter
and Importer of Resins, Adhesives, Chemicals and Polymers |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED
CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to
meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 265312 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well
established company having satisfactory track. Trade relations are fair. General financial position is
satisfactory. Payments are usually
correct and as per commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered / Head Office : |
54/38, Naya Ganj,
|
|
Tel. No.: |
91-512-2351023/2363032/2362106 |
|
Fax No.: |
91-512-2310630 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
250 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Factory 1 : |
Industrial Area,
Panki, |
|
Area : |
12000 sq. mtrs. |
|
Location : |
Owned |
|
|
|
|
Marketing Office : |
16/81-A, Civil Lines, |
|
Tel. No. : |
91-512-2331646, 3951918 |
|
Fax No. : |
91-512-2331803 |
|
|
|
|
Branches : |
F-39, Okhla Indl. Area, Phase-I, Telephone : 91-11-26818810/11, 26814096, 26819846 Fax : 91-11-26818811 Telephone : 91-79-26405663 Fax : 91-79-26406243 Telephone : 91-33-22802694 Fax : 91-33-22802158 Telephone : 91-40-27802351 Fax : 91-40-27802351 Telephone : 91-2522-276520, 276510 Fax : 91-2522-276510 |
SOLE PROPRIETOR/PARTNERS/DIRECTORS
|
Name : |
Mr. Vijay S
Parikh |
|
Designation : |
Director |
|
Address : |
54/38, Naya Ganj,
|
|
Date of Birth/Age : |
08.10.1960 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
29.05.1995 |
|
|
|
|
Name : |
Mr. Ramesh Shah |
|
Designation : |
Director |
|
Address : |
26/ 96 – B, 1st
Floor, |
|
Date of Birth/Age : |
23.04.1944 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
18.08.1997 |
|
|
|
|
Name : |
Mr. Manmohan
Singhania |
|
Designation : |
Director |
|
Address : |
55 / 109,
Generalganj, |
|
Date of Birth/Age : |
02.01.1953 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
20.07.1998 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of
Shareholders |
No. of Shares |
|
Mr. Vijay S
Parikh |
435487 |
|
Ms. Usha Shah |
187250 |
|
Ms. Nita V Parikh
|
307675 |
|
Mr. Suresh
Chandra M. Parikh |
113813 |
|
Ms. Vinita S
Savla |
137188 |
|
Mr. Sunil R.
Savla |
2031 |
|
Mr. Ramesh Shah |
406 |
|
Parikh Resins
Limited |
125000 |
|
Shell Organices
Private Limited |
285500 |
|
Transcont India
Finvest Private Limited |
237000 |
|
TOTAL |
1831350 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer,
Exporter and Importer of Resins, Adhesives, Chemicals and Polymers |
|
|
|
|
Products : |
Chemical |
|
|
|
|
Agencies Held : |
Bondtite |
|
|
|
|
Exports : |
|
|
|
|
|
Countries : |
Africa, |
|
|
|
|
Imports : |
|
|
|
|
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
L/C (60 days) |
|
|
|
|
Purchasing : |
L/C (60 days) |
PRODUCTION STATUS
|
Particulars |
|
|
Installed
Capacity |
Actual
Production |
|
Organic Chemical & Adhesives |
|
|
1500.000 M.T. |
4465641.527 Kgs |
GENERAL INFORMATION
|
Suppliers : |
v
Ellen
Patrotech v
Dhingra
Polychem Industries v
H. K.
Finechem Limited v
Melody
Plastic Products Private Limited v
Mela Tubex
Private Limited v
Silvassa
Plast Universal Chemical v
Versatile
Chemicals Private Limited |
|
|
|
|
Customers : |
Wholesalers,
Retailers and End Users |
|
|
|
|
No. of Employees : |
150 |
|
|
|
|
Bankers : |
State Bank of Canal Road Branch, E-Mail : jkscoknp@gmail.com |
|
|
|
|
|
|
|
Banking Relations : |
Satisfactory |
|
|
|
|
Auditors : |
Shailesh Vishesh
& Company Chartered
Accountants, |
|
Address : |
24/35, |
|
Tel No.: |
91-512-2312978 |
|
E – Mail : |
|
|
|
|
|
Associates : |
˛
Parikh
Business Limited Line of Business –
Trading of Chemical and others ˛
Shell
Organics Private Limited Line of Business
– Organic Chemical |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1831350 |
Equity Shares |
Rs. 10/- each |
Rs. 18.313 millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
18.313 |
29.998 |
28.588 |
|
|
2] Share Application Money |
13.335 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
34.680 |
21.971 |
14.174 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
66.328 |
51.969 |
42.762 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
39.688 |
26.123 |
7.773 |
|
|
2] Unsecured Loans |
0.443 |
0.443 |
0.443 |
|
|
TOTAL BORROWING |
40.131 |
26.566 |
8.216 |
|
|
DEFERRED TAX LIABILITIES |
0.348 |
0.408 |
0.224 |
|
|
|
|
|
|
|
|
TOTAL |
106.807 |
78.943 |
51.202 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
20.781 |
16.677 |
11.291 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
67.333
|
51.265
|
|
|
|
Sundry Debtors |
42.097
|
33.763
|
|
|
|
Cash & Bank Balances |
14.215
|
12.211
|
|
|
|
Other Current Assets |
0.000
|
0.000
|
70.709
|
|
|
Loans & Advances |
20.148
|
10.347
|
|
|
Total Current Assets |
143.793
|
107.586
|
70.709 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
50.411
|
41.165
|
30.810
|
|
|
Provisions |
7.362
|
4.160
|
|
|
Total Current Liabilities |
57.773
|
45.325
|
30.810 |
|
|
Net Current Assets |
86.020
|
62.260
|
39.899 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.006 |
0.006 |
0.012 |
|
|
|
|
|
|
|
|
TOTAL |
106.807 |
78.943 |
51.202 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
420.370 |
287.587 |
227.617 |
|
Other Income |
5.460 |
9.692 |
|
|
Total
Income |
425.830 |
297.279 |
227.617 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
166.895 |
12.282 |
10.421 |
|
Provision for
Taxation |
0.000 |
4.344 |
3.128 |
|
Profit/(Loss)
After Tax |
166.895 |
7.938 |
7.293 |
|
|
|
|
|
|
Total Import |
NA |
52.012 |
40.753 |
|
|
|
|
|
|
Raw Materials |
252.502 |
172.358 |
|
|
Purchase for Re – |
0.862 |
1.025 |
|
|
Managerial
Remuneration |
0.574 |
0.473 |
|
|
Payment of
Auditors |
0.072 |
0.055 |
216.424 |
|
Interest |
3.510 |
2.903 |
|
|
Insurance Expenses |
0.053 |
0.034 |
|
|
Depreciation and
Amortization |
1.359 |
7.199 |
|
|
Total Expenditure |
258.932 |
184.047 |
216.424 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
39.19 |
2.67
|
3.20
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
39.70 |
4.13
|
4.57
|
|
|
|
|
|
|
|
Return on Total
Assets (PBT/Total Assets} |
(%) |
101.41 |
9.88
|
12.70
|
|
|
|
|
|
|
|
Return on
Investment (ROI) (PBT/Networth) |
|
2.51 |
0.23
|
0.24
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total
Liability/Networth) |
|
0.87 |
1.38
|
0.91
|
|
|
|
|
|
|
|
Current Ratio (Current
Asset/Current Liability) |
|
2.48 |
2.37
|
2.29
|
LOCAL AGENCY FURTHER INFORMATION
Trade
References
v
Local
Customers
v
Byer
A.G.
v
ICI
v
Mitubishi
v
v
Standaed
Chemicals
Fixed Assets
©
Air-conditioner
©
Building
©
Computer
©
Cooler
©
Cycle
©
Drum
Lifter
©
Electrical
Fitting,
©
Fax
Machine
©
Fire Extinguisher
©
Furniture
& Fixture
©
Generator,
Invertor
©
Lab
Equipments
©
Land,
Motor Car
©
Office
Equipment
©
Plant
& Machinery
©
Refrigerator
©
Submersible
Pump
©
Tools
Emplements
©
Typewriter
©
Water
Cooler
©
Weighing
Machine.
Form 8 Particular for
creation or modification of charges
|
Name of the company |
RESINOVA CHEMIE LIMITED |
|
1) Date and description of instrument creating the change |
Agreement for Cash Credit created on 12.12.2000 dt. 05.03.2002 Enhanced limit from Rs.17.500 millions [dt. 05.03.2002] |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 50.000 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 |
Stocks of epichlordin, bisphenal a methanol, epoxy resins, dropylenes, glycol polyester resins, phthalic hydroxide, TETA whether row or in process of manufacture |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
0.75% int above SBAR with 11% |
|
5) Name and Address and description of the person entitled to the charge. |
State Bank of Canal Road, |
|
6) Date and brief description of instrument modifying the charge |
Agreement & hypothecation of goods and assets dated
05.03.2005 already registered in favour of |
|
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. |
Credit facility over all limit Rs.50.000 millions other terms and conditions remain same |
|
Corporation identity number or foreign
company registrations number of the company
|
U24131UP1995PLC018135 |
|
Name of the company |
RESINOVA CHEMIE LIMITED |
|
Address |
54 / 38, Naya
Ganj, |
|
This Form is for |
Modification of charge |
|
Type of Charges |
Book Debts and Movable Property (not being
pledge) |
|
Particular of the charge holder |
State Bank of Canal Road Branch, |
|
Nature or description of the instrument
creating charge |
1. Supplemental agreement of hypothecation
of goods and assets for increase in overall limit 2. letter regarding the grant of individual
limits within the overall limit |
|
Date of the instrument creating or modifying
charge |
31.08.2007 |
|
Amount Secure by the charge |
Rs.120.000 millions |
|
Brief of the principal terms and conditions
and extent and operation of the charge |
Rate of Interest: Interest to be charged @12.75% pa monthly
rests or at such other rate(s) as may be notified by the bank to the borrower
from time to time Term of Repayments Cash Credit – Repayable on demand Margin : 25% on raw materials 25% on stock in process 25% on finished goods 40% on book debts receivable Extent and operation of the charge The company’s properties as mentioned hereunder
are hypothecation to secure credit facilities aggregating to Rs.120.000
millions granted by the bank to the borrower. |
|
Description of the property charge whether
it is a charge on |
Hypothecation of all present and future
stock of raw materials goods book debts and all other movable assets of the
borrower including documents of title to goods outstanding moneys,
receivable, bills, invoices, documents, contracts, investment and right and
all present machinery and all future machinery belonging to or in the
possession or under the control of the borrower wherever lying stored and
kept whether in India or elsewhere throughout the world or in transit. |
|
Date of latest modification prior to present
modification |
16.05.2007 |
|
Particulars of the present modification |
Cash Credit limit has been enhanced from
Rs.34.000 millions to Rs.44.000 millions =. However other credit limits
remain same. Therefore total amount of charge secured against hypo of all
stocks, book debts, plant and machinery etc. as per details mentioned in
column No. 14 above has now been enhanced from Rs.110.000 millions to
Rs.120.000 millions. Break Up as under: 1. CC (Hypo) Rs.44.000 millions 2. CC (Book debts) Rs.16.000 millions 3. LC
Rs.60.000
millions |
Website Details:
Profile
Subject manufactures a highly
diversified range of adhesives used in varied applications, their products range
from customized Epoxy based adhesives which give excellent strength and bonding
characteristics for specialty applications to commodity adhesives based on
cyanoacrylates, elastomers, PVA etc.
Subject started in 1987 as a
company manufacturing epoxy resins, adhesives were added to their product range
in 1993, based on excellent quality control and R&D facilities a range of
adhesives were developed taking various applications areas into consideration,
in a short span of time they have achieved the distinction of developing the
largest range of epoxy adhesives in the country.
Their manufacturing facilities are
spread over 25000 sq. meters in a prime industrial location near
Subject is committed towards
quality of products, manufacturing and management practices. The company has
been following the international quality standards in these areas and therefore
has been accredited with ISO 9001:2000 certification.
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.39.55 |
|
|
1 |
Rs.80.44 |
|
Euro |
1 |
Rs.55.49 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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/normal. |
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 |
|