MIRA
INFORM REPORT
|
Report Date : |
26.09.2007 |
IDENTIFICATION DETAILS
|
Name : |
PURE CHEM PRIVATE LIMITED |
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Registered Office : |
4717, GIDC Industrial Area, Near Telephone Exchange, Ankleshwar –
393002, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
07.04.1995 |
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Com. Reg. No.: |
025431 |
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CIN No.: [Company
Identification No.] |
U24119GJ1995PTC025431 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BRDP01218A |
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PAN No.: [Permanent
Account No.] |
AABCP1993P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Fumaric
Acid and Ferrous Fumarate |
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 61832 |
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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 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 : |
4717, GIDC Industrial Area, Near Telephone Exchange, Ankleshwar –
393002, |
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Tel. No.: |
91-2646-239329 / 251729 |
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Fax No.: |
91-2646-239190 |
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E-Mail : |
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Website : |
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Marketing Office : |
Aidun Building, Block “A”, 1st Floor, Flat No. 2, |
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Tel. No.: |
91-22-22006805 / 06 / 07 / 08 |
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Fax No.: |
91-22-22006804 |
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E-Mail : |
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DIRECTORS
|
Name : |
Mr. Bharat Bhushan Datta |
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Designation : |
Director |
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Address : |
B – 55, Kamal Puspa Co –Op. Housing Society, Bandra Reclamation,
Mumbai - 54 |
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Date of Birth/Age : |
27.08.1951 |
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Qualification : |
Graduate with an MBA in Marketing |
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Experience : |
25 years |
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Date of Appointment : |
11.09.1995 |
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Name : |
Mr. Rajkumar K. Goel |
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Designation : |
Director |
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Address : |
2 / 46 and 47, Narayan Kunj, Co-Op Housing Society, Narmadanagar,
Bharuch |
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Date of Birth/Age : |
4.12.1955 |
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Qualification : |
Post Graduate Engineer from IIT |
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Experience : |
20 years |
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Date of Appointment : |
17.05.1955 |
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Name : |
Mr. Manoj Mehta |
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Designation : |
Director |
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Address : |
9 / 6, Mukund HSG., Society, Mulund (East), Mumbai – 400081 |
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Date of Birth/Age : |
10.07.1959 |
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Qualification : |
Chartered Accountants |
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Experience : |
15 years |
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Date of Appointment : |
20.04.2000 |
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KEY EXECUTIVE
|
Name : |
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Designation : |
Company Secretaries |
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Address : |
103, Tanishq, Opp. SBI Urmi Branch, Productivity Raod, Vadodara –
390020 |
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Tel No,: |
91-265-2330583 / 2321494 |
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E –Mail : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Mr. H. Pradip Patil |
|
37300 |
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Mr. B. Bharat Datta |
|
99300 |
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Mr. Rajkumar Goel |
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63000 |
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Mr. Rajendra Narwal |
|
49900 |
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Mr. Akshay Rajkumar Goel |
|
7500 |
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Mrs. Kavita Rajkumar Goel |
|
17500 |
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Mr. Rajendra Narwal (HUF) |
|
10000 |
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Mrs. Pooja Pradip Patil |
|
20000 |
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Ms. Ajeeta Pradip Patil |
|
6250 |
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Mr. Ruhit Pradip Patil |
|
6250 |
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Mrs. Ekta Bhushan Datta |
|
5000 |
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Mrs. Shantidevi Datta |
|
26500 |
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Col. M.M. Goel |
|
15000 |
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Mrs. Sushila Rajendra Narwal |
|
10000 |
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Mr. Manoj Mehta |
|
71500 |
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Smt. Vimla Mehta |
|
29500 |
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Ms. Veena Mehta |
|
25000 |
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Dr. G P Srivastave |
|
100 |
|
R K Ba;I; |
|
100 |
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Mr. Punamchand D Shroff |
|
100 |
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Mr. G H Todi |
|
100 |
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Mrs. Reem Rajendra Naval |
|
100 |
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Category |
|
Percentage of
Holding |
|
Director or Relatives of directors |
|
73.00 |
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Other top fifty shareholders |
|
27.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Fumaric
Acid and Ferrous Fumarate |
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|
|
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Products : |
˛
Fumaric Acid, Technical
Grade ˛
Fumaric Acid, Food
Grade
˛
Maleic Acid, BP ˛
Ferrous Fumarate IP ˛
Ferrous Fumarate BP ˛
Ferrous Fumarate USP ˛
DL Tartaric Acid ˛
Potassium Bitartrate ˛
Choline Bitartrate ˛
Antimony Potassium
Tartarate ˛
Sodium Potassium
Tartarate ˛
˛
˛
˛
˛
Creatine Maleate /
Salts
˛
Disodium Pamoate ˛
Emulsifier (Np, CO, Nl
molecules) |
GENERAL INFORMATION
|
Bankers : |
State Bank of Industrial Estate
Branch, GIDC, Ankleshwar – 393002, E-Mail: sbi.05590@sbi.co.in |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Ajay Shobha and Company Chartered Accountants |
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Address : |
41, Nirja Ushma Nagar, Evershine Nagar, Malad (West), Mumbai – 400064,
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000
millions |
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 |
|
5.000 |
5.000 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
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3] Reserves & Surplus |
|
10.458 |
8.696 |
|
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
15.458 |
13.696 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
14.480 |
11.837 |
|
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2] Unsecured Loans |
|
5.354 |
3.162 |
|
|
TOTAL BORROWING |
|
19.834 |
14.999 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
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|
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TOTAL |
|
35.292 |
28.695 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
26.524 |
19.018 |
|
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Capital work-in-progress |
|
0.004 |
0.809 |
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INVESTMENT |
|
0.376 |
0.428 |
|
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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Inventories |
|
10.192 |
6.428 |
|
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Sundry Debtors |
|
11.114 |
4.215 |
|
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Cash & Bank Balances |
|
1.746 |
0.473 |
|
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Other Current Assets |
|
0.000 |
0.000 |
|
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Loans & Advances |
|
6.200 |
5.454 |
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Total
Current Assets |
|
29.252 |
16.570 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
19.992 |
7.438 |
|
|
Provisions |
|
0.915 |
0.747 |
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Total
Current Liabilities |
|
20.907 |
8.185 |
|
|
Net Current Assets |
|
8.345 |
8.385 |
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MISCELLANEOUS EXPENSES |
|
0.043 |
0.055 |
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|
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|
|
|
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TOTAL |
|
35.292 |
28.695 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
Sales Turnover |
|
67.948 |
52.382 |
|
Other Income |
|
3.179 |
2.948 |
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Total Income |
|
71.127 |
55.330 |
|
|
|
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|
Profit/(Loss) Before Tax |
|
2.904 |
2.198 |
|
Provision for Taxation |
|
0.915 |
0.748 |
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Profit/(Loss) After Tax |
|
1.989 |
1.450 |
|
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FOB value |
|
-- |
34.636 |
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Expenditures : |
|
|
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Total Expenditure |
|
72.436 |
55.707 |
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
2.92 |
2.76 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
|
4.27 |
4.19 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
5.20 |
6.17 |
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.18 |
0.16 |
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Debt Equity Ratio (Total Liability/Networth) |
|
|
1.35 |
0.59 |
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Current Ratio (Current Asset/Current Liability) |
|
|
1.39 |
2.02 |
LOCAL AGENCY FURTHER INFORMATION
Form 8:
|
Name of the company |
PURE CHEM PRIVATE
LIMITED |
|
Presented
By |
Pure Chem Private
Limited |
|
1) Date and description of instrument creating the change |
General Agreement
of Hypothecation. Dt. 18.04.1996 to secure demand cash credit, clean /
documentary DD purchased against goods and book debts. |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.1.400 millions |
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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 |
Hypothecation of
tangible and movable property such as raw materials, stock in process,
finished goods, receivable stock (EPC), cheques, book debts belonging to
borrowers which now or hereafter from time to time during the security shall
be brought in / stored in the
premises, warehouse or godown of the said borrowers at 4717, GIDC Industrial Area, Near Telephone
Exchange, Ankleshwar – 393002, Gujarat or anywhere else including any such
goods in the course of transit or delivery shall stand hypothecation to the
bank by way of first charge as security. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest
@17.75%p.a Margin 25% on raw
materials, 40% on stock in process, finished goods, 50% on book debts, 11% on
EPC, Old plant and machinery. Repayable on
demand |
|
5) Name and Address and description of the person entitled to the charge. |
State Bank of Industrial Estate
Branch, Ankleshwar |
|
6) Date and brief description of instrument modifying the charge |
First modification
was made by way of executive of memorandum of extension of an equitable
mortgage on dt. 15.09.1998. Second
modification was made by way of executive of memorandum of extension of an
equitable mortgage on dt.24.11.2000. Third
modification was made by way of execution of memorandum of extension of an
equitable mortgage on dt. 24.11.2000. The present
modification is by way of instruments stated as follows: a. General
agreement for working capital dt. 26.08.2004. b. General
agreement for the grant of medium term advances to SSI along with Ancillary
agreement for hypothecation of movable, book debts and other assets and
guarantee agreement, all executive on dt. 26.08.2004 |
|
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. |
By executive of
above two documents the over all credit / loan facilities has been revised to
RS.14.000 millions more particularly, as described below: a. General
agreement for working capital whereby the revised finial / credit facilities
have been provided to the extent of Rs.8.500 millions which consist of : Fund Based – WC
(Rs.6.000 millions) 1. Demand cash
credit – Rs.6.000 millions (The limit for 2004 – 05 is Rs.5.000 millions and
Rs.6.000 for 2005 – 06 / alternatively. Export packing credit for Rs.3.500
millions and / or export bill purchased / discount for. Rs.4.000 millions and
in case of all facilities together not to exceed Rs.6.000 millions Non Fund Based
(Rs.2.500 millions) 2. Letter of
Credit (Import / Export) - Rs.2.500
millions and / or / alternatively,
bank guarantee for Rs.0.500 million in case of both together not to exceed
Rs.2.500 millions. Terms and
condition: Security: -
Hypothecation
of entire current assets consisting of raw materials, semi – finished goods,
finished goods, stores and spares and book debts, present and future. -
EPC
will be covered by the whole turnover packing credit guarantee of ECGC. -
Post
shipment credit for non – L / C bills will be covered be ECGC’s post shipment
[policy with individual buyer wise limit. -
Repayment
of working capital – one year but payable on demand. Rate of Interest: -
EPC
and Foreign bills Disc / Purchased – as per RBI \ SBI \ extant instruction,
from time to time. -
Cash
credit – 1.5% above SBAR, minimum 11.75% at present. B. General
agreement and other ancillary agreements for the grant of medium term
advances against hypothecation of movable book debts and other assets, to the
extent of Rs.5.500 millions Term and
conditions: -
Term
loan is to be repaid in 55 monthly installments of Rs.0.100 millions each,
starting from 15.04.2005. -
Interest
2.0% above SBAR, minimum 12.25% to be serviced at monthly intervals. Margin (common
for WC and TL): Raw Materials
(Imported) 15% Raw Materials
(Indigenous) 25% Stock in process
30% Finished Goods
30% EPC 10% on FOB
value Domestic
Receivable 50% (cover period 90 days) LC 25% Bank Guarantee
25% |
|
Corporate
identity number (CIN) Foreign company registration number |
U24119GJ1995PTC025431 |
|
Name of the
Company |
PURE CHEM PRIVATE LIMITED |
|
Address |
4717, GIDC Industrial Area, Near Telephone Exchange, Ankleshwar –
393002, |
|
This form is for |
Modification of
charges |
|
Type of Charge |
Hypothecation,
Equitable mortgage or mortgage o property by depositing the title deeds |
|
Particulars of the
charge holder |
State Bank of Industrial Estate
Branch, GIDC, Ankleshwar – 393002, E-Mail: sbi.05590@sbi.co.in |
|
Amount secured by
the charge |
Rs.14.000
millions |
|
Description of
the property charged indicating |
Immovable
Properties, Stock in Trade, Book Debts |
|
Charge
identification |
90109420 |
|
Date of
Instrument modifying charges |
27.04.2006 |
|
Particular of the
present modification |
The charge extended
to cover revised credit facilities of Rs.26.900 millions |
As Per Web Details
Company Profile:
Subject
has a vision to be recognized as one of the foremost manufacturers of Ferrous Fumarate
in the world and as one of the quality conscious manufacturers in the country,
in the field of Bulk drugs, Intermediates and Fine chemicals.
They will
strive for quality and create a working environment which ensures quality
through team effort.
Subject was promoted in 1996 with an unstated vision of
"Value from Waste / Byproducts recovery", with each of the part time,
but professional promoters keen to make "that extra rupee".
Quick success, and promoters’ strengths and individual
passions prompted then to look out for long term association with overseas
buyers with custom synthesis, wherein the product synthesis was difficult, but
the real challenge lay in meeting the stringent quality parameters.
They selected a diverse product portfolio -
Synthesis of Chloromethyl Napthalene (98.5%), Bithionol
Sulphoxide, Xylometazoline Hydrochloride,Creatine maleate 99%, and created a
team of senior scientists supported by advanced laboratory facilities, both
internal & external. Within a short span of one year (1998-1999), Subject
supplied commercial lots of the first two, laboratory lots of the third and
pilot lots of the fourth. Group companies actively pursued and optimized the
processes into sound business propositions.
Subject
experiments and experiences during the first 3 years of its existence prompted
it to finally pen its first stated vision – Purevision, along with quality
policy & objectives to support this Purevision.
Quality Policy
The quality policy of
subject is to achieve total customer satisfaction by
providing products which
consistently meet the customers'
expectations.
Quality Objectives
Subject will achieve the above by building QUALITY
·
Through proper
controls of input materials
and in process parameters,
·
Through proper
upkeep of plant and machinery,
·
By developing a
team of motivated, efficient
and appropriately trained personnel and
·
by inculcating a culture towards
elimination of waste.
Infrastructure:
Subject manufacturing facilities are located in Western India, in the
state of Gujarat, located 350 km north of Mumbai, on National Highway No.8
connecting Mumbai to the capital of
The State Govt. sponsored industrial estate has adequate supplies /
availability of water, power, and natural gas, qualified & trained
manpower – both operative & supervisory and is equipped with the latest in
communication systems.
The estate also has a large central effluent treatment plant and secured
land fill site for solid waste closely monitored by the pollution control
agency – Gujarat Pollution Control Board.
There are dedicated plants for manufacturing Intermediates, Additives,
Ferrous Fumarate / other Ferrous Compounds intended for human consumption.
Extensive & intensive
documentation defines the system provided for, and appropriately inculcated in
the team, for practicing the good manufacturing practices so essential to the
drug industry
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.39.81 |
|
|
1 |
Rs.80.03 |
|
Euro |
1 |
Rs.56.02 |
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--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 |
|