MIRA
INFORM REPORT
|
Report Date : |
10.10.2007 |
IDENTIFICATION DETAILS
|
Name : |
BROADWAYS CHEMTECH PRIVATE LIMITED |
|
|
|
|
Registered Office : |
A-316/317, Kanara Business Centre, Laxmi Nagar, Ghatkopar (East),
Mumbai – 400 075, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
18.09.2002 |
|
|
|
|
Com. Reg. No.: |
137250 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U51430MH2002PTC137250 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMB11015E |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AACCB0635M |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Subject is a Speciality Chemicals Marketing Company. |
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 40000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well-established and reputed company having satisfactory track.
Directors are reported as experienced 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
|
Registered Office : |
A-316/317, Kanara Business Centre, Laxmi Nagar, Ghatkopar (East),
Mumbai – 400 075, |
|
Tel. No.: |
91-22-25006800 |
|
Fax No.: |
91-22-25006810 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
|
Name : |
Mr. Himmatlal Jaysukh Shah |
|
Designation : |
Director |
|
Address : |
1104-A, 11th Floor, Adinath Tower, Sudha park, Near Eastern
Express Highway, Ghatkopar (East), Mumbai – 400 077, Maharashtra, India |
|
Date of Birth/Age : |
21.08.1945 |
|
Date of Appointment : |
17.10.2002 |
|
|
|
|
Name : |
Mr. Jaysukh Jignesh Shah |
|
Designation : |
Director |
|
Address : |
1104-A, 11th Floor, Adinath Tower, Sudha park, Near Eastern
Express Highway, Ghatkopar (East), Mumbai – 400 077, Maharashtra, India |
|
Date of Birth/Age : |
29.09.1975 |
|
Date of Appointment : |
17.10.2002 |
|
|
|
|
Name : |
Mr. Chirag Jaysukhlal Shah |
|
Designation : |
Independent Director |
|
Address : |
1104-A, 11th Floor, Adinath Tower, Sudha park, Near Eastern
Express Highway, Ghatkopar (East), Mumbai – 400 077, Maharashtra, India |
|
Date of Birth/Age : |
28.06.1978 |
|
Date of Appointment : |
01.11.2005 |
KEY EXECUTIVES
|
Name : |
Mr. Prashant Marathe |
|
Designation : |
Marketing Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Jignesh Shah |
|
500 |
|
Mr. Jaysukh Shah |
|
500 |
|
Mr. Anantrai Shah |
|
10 |
|
Mrs. Bhanumati Shah |
|
10 |
|
Mrs. Chandravati Shah |
|
10 |
|
Mrs.Chandrika Shah |
|
10 |
|
Mrs. Divya Shah |
|
10 |
|
Mr. Himmatlal Shah |
|
10 |
|
Mr. Himmatlal Shah – HUF |
|
10 |
|
Mr. Jaysukh Shah – HUF |
|
10 |
|
Mrs. Kokila Shah |
|
10 |
|
Mrs. Nirmala Shah |
|
10 |
|
Mr. Pravinchandra Shah |
|
10 |
|
Mrs. Priti Shah |
|
10 |
|
Mrs. Sangeeta Shah |
|
10 |
|
Surendrakumar and Bros. |
|
10 |
|
Mr. Chirag Shah |
|
10 |
|
Category |
|
Percentage
of Holding |
|
Directors or relatives of directors |
|
99.20 |
|
Other top fifty (50) shareholders (other than listed above) |
|
0.80 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is a Speciality Chemicals Marketing Company. |
|
|
|
|
Products : |
v
Lignosulfonates v
Elotex Redispersible Powder Polymers v
Walocel Cellulose Ethers v
Arbocel Natural Fibers v
Elotex SEAL 80 v
Alkox Polyethleneoxides |
GENERAL INFORMATION
|
Bankers : |
Bank of Ghatkopar (East) Branch, E-Mail: shirishshetye@gmail.com |
|
|
|
|
Banking Relations
: |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Jitendra B. Mehta and Associates Chartered Accountants |
|
Address : |
D/5, Mahalaxmi Apartment, Cama Lane, Ghatkopar (West), Mumbai – 400
086, |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15000 |
Equity Shares |
Rs. 100.00 each |
Rs. 1.500 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs. 100.00 each |
Rs. 1.000
million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
1.000 |
0.115 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
9.015 |
3.658 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
10.015 |
3.773 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
2.217 |
0.000 |
|
|
2] Unsecured Loans |
|
3.565 |
5.890 |
|
|
TOTAL BORROWING |
|
5.782 |
5.890 |
|
|
DEFERRED TAX LIABILITIES |
|
0.050 |
0.102 |
|
|
|
|
|
|
|
|
TOTAL |
|
15.847 |
9.765 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
1.605 |
1.822 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
10.937 |
7.401 |
|
|
Sundry Debtors |
|
17.352 |
6.938 |
|
|
Cash & Bank Balances |
|
1.305 |
1.759 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
5.537 |
1.483 |
|
Total
Current Assets |
|
35.131 |
17.581 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
14.214 |
7.131 |
|
|
Provisions |
|
6.685 |
2.521 |
|
Total
Current Liabilities |
|
20.899 |
9.652 |
|
|
Net Current Assets |
|
14.232 |
7.930 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.011 |
0.013 |
|
|
|
|
|
|
|
|
TOTAL |
|
15.847 |
9.765 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
2.66 |
3.66 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.68 |
1.82 |
LOCAL AGENCY FURTHER INFORMATION
Form 8
|
Name of the company |
BROADWAYS CHEMTECH PRIVATE LIMITED |
|||||||||
|
Presented By |
Bank of Ghatkopar (East) Branch, |
|||||||||
|
1) Date and description of instrument creating the change |
Composite
Hypothecation Agreement dated 24.09.2005 |
|||||||||
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 5.000
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 |
|
|||||||||
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The charge is
created to secure Line of credit of Rs. 5.000 millions as follows together
with interest/ commission and margin as state there against:
|
|||||||||
|
5) Name and Address and description of the person entitled to the charge. |
Bank of Ghatkopar (East) Branch, |
|||||||||
|
6) Date and brief description of instrument modifying the charge |
Not Applicable |
|||||||||
|
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. |
Not Applicable |
|
Corporate identity
number (CIN) Foreign company registration number |
U51430MH2002PTC137250 |
|
Name of the
Company |
BROADWAYS CHEMTECH PRIVATE LIMITED |
|
Address |
A-316/317, Kanara Business Centre, Laxmi Nagar, Ghatkopar (East),
Mumbai – 400 075, |
|
This form is for |
Modification of
charge |
|
Type of Charge |
A charge on v
Book
Debts v
Movable
property (not being pledge) |
|
Particulars of
the charge holder |
Bank of Ghatkopar (East) Branch, E-Mail: shirishshetye@gmail.com |
|
Nature or
description of the instrument(s) creating or modifying the charge |
Composite
Hypothecation Agreement |
|
Date of the
instrument creating or modifying the charge |
23.03.2007 |
|
Amount secured by
the charge |
Rs. 15.000
millions |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
(a) Rate of
Interest: BPLR 0.50% (b) Terms of
Repayment: On Demand (c) Margin: 25% on Stock 35% on Book Debts (d) Extent and
operation of the charge: The charge is
created to secure Line of Credit: Cash credit (Hypothecation of Stock and Book
Debts0 – Inland/ Import LC facilities of Rs. 14.000 millions and
Inland/Foreign facility of Rs. 1.000 million aggregating to Rs. 15.000
millions. |
|
Short particulars
of the property charged (including location of the property) |
Stocks, both
present and future and including all stocks of Raw Materials, Work in
Progress, Semi-finished and finished goods such as Chemicals, Packing
materials and stores etc and all the present and future book-debts,
outstanding monies receivable, claims, bills contracts, engagements, and
securities etc. and all the tangible movable machinery and plant and machinery and plane and cranes, boats and
crafts and the vehicles of the Borrower together with pares, tools and
accessories and other movable both present and future. |
|
Particular of the
present modification |
The charge is
created to secure Line of Credit: Cash credit (Hypothecation of Stock and
Book Debts0 – Inland/ Import LC facilities of Rs. 14.000 millions and
Inland/Foreign facility of Rs. 1.000 million. |
Website details attached:
Subject is a Specialty Chemicals Marketing Company registered under The Companies Act,
Unlike traditionally run chemical trading companies, subject focuses on working
as Innovative Technology Solution Providers for the Industry. From across the
technology spectrum, they bring in new technology ideas and solutions for their
customers. They act as a catalyst between the Indian Industry and their
principal companies to build acceptance for such new technical practices and
thus, develop market for the products of the principal companies.
In turn, Indian industry gets benefited with the experience, expertise and
capabilities of the principal supplier companies and thus moves their offerings
to a higher level.
Among their various offerings and initiatives, they have been pioneers in
promoting the concept of Ready-Mixed Modified Mortars in
They strive to add value, by…
Bringing in New
Technology and establishing better practices for the industry
Offering
Collaborative knowledge of various foreign suppliers.
Tailoring
India-specific solutions
Servicing
technically and offering support at customers’ door-step
Delivering
effectively and promptly
Operating flexibly
Supporting the
customers for successful use of their products
Due to its customer-focused long-term market building strategy, the business
has been growing extremely well year over year.
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. 39.31 |
|
|
1 |
Rs. 80.12 |
|
Euro |
1 |
Rs. 55.76 |
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 |
|