MIRA
INFORM REPORT
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Report Date : |
13.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
DEEPAK NOVOCHEM TECHNOLOGIES LIMITED |
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Registered Office : |
5, Kamdar Shopping Centre, 1st Floor, V S Khandekar Marg, Vile
Parle (East), Mumbai – 400 057, Maharashtra |
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Country : |
India |
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Date of Incorporation : |
31.03.2007 |
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Com. Reg. No.: |
169468 |
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CIN No.: [Company
Identification No.] |
U24100MH2007PLC169468 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMD15203G |
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PAN No.: [Permanent
Account No.] |
AACCD5796K |
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Legal Form : |
A closely held public limited liability company |
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Line of Business : |
Developers and Manufacturers basic building
blocks for various performance oriented end use applications in Epoxies,
Herbicides, Pharmaceuticals, Flavours and Fragrances, Adhesives, Construction
Chemicals, Electrical and Electronics, Antioxidants, Specialty Resins and
Polymers and so on. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
New Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Mr. Modak, Finance Manager denied business and financial details. He wants
to know the name of the inquired. Subject has been promoted by directors of Deepak Nitrite Limited, a
listed company on Stock Exchanges. Trade relations are fair. Payments are
usually correct and as per commitments. Nothing adverse reported. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION
DECLINED BY
|
Name : |
Mr. Modak |
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Designation : |
Finance Manager |
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Date : |
12.08.2008 |
LOCATIONS
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Registered Office : |
5, Kamdar Shopping Centre, 1st Floor, V S Khandekar Marg,
Vile Parle (East), Mumbai – 400 057, Maharashtra, India |
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E-Mail : |
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Website : |
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Corporate Office : |
Deepak Complex, National Games Road, Yerwada, Pune – 411 006,
Maharashtra, India |
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Tel. No.: |
91-20-66090277 / 66090290 |
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Fax No.: |
91-20-26688544 |
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Factory : |
Plot No. D/27/3/1-MIDC, Lote Parshuram Industrial Area, Tal. Khed,
Dist. Ratnagiri – 415722, Maharashtra, India |
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Telefax. No.: |
91-236-273093 / 272474 |
DIRECTORS
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Name : |
Mr. Deepak Chimanalal Mehta |
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Designation : |
Director |
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Address : |
Kejriwal House, 7-N Gamadia Road, Mumbai – 400 026, Maharashtra, India |
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Date of Birth/Age : |
12.12.1956 |
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Other Directorship : |
·
Sofotel Software Services Private Limited CIN No. : U72200MH1994PTC082506 ·
Deepak Nitrite Limited CIN No. : L24110GJ1970PLC001735 ·
Greypoint Investments Private Limited CIN No. : U65990MH1992PTC067734 ·
Stiffen Credits and Capital Private Limited CIN No. : U67120MH1994PTC082395 ·
Stigma Credits and Capital Private Limited CIN No. : U65990MH1994PTC082391 ·
Stepup Credits and Capital Private Limited CIN No. : U67120MH1994PTC082394 ·
Checkpoint Credit and Capital Private Limited CIN No. : U65990MH1994PTC082474 ·
Hardik Leafin Private Limited CIN No. : U65990MH1994PTC081274 ·
Forex Leafin Private Limited CIN No. : U65910MH1994PTC081851 ·
Pranawa Leafin Private Limited CIN No. : U65920MH1994PTC081846 ·
Skyrose Finvest Private Limited CIN No. : U67120MH1994PTC081852 ·
Sundown Finvest Private Limited CIN No. : U65990MH1994PTC081594 ·
Lakaki Works Private Limited CIN No. : U24239MH1954PTC008322 |
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Name : |
Mr. Chimanlal Khimchand Mehta |
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Designation : |
Director |
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Address : |
Kejriwal House, 7-N, Gamadia Road, Mumbai – 400 026, Maharashtra,
India |
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Date of Birth/Age : |
06.04.1932 |
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Other Directorship : |
·
Sofotel Software Services Private Limited CIN No. : U72200MH1994PTC082506 ·
Blueshell Investments Private Limited CIN No. : U65990MH1983PTC029775 ·
Storewell Credits and Capital Private Limited CIN No. : U65990MH1994PTC082638 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 06.08.2007)
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Names of Shareholders |
No. of Shares |
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Deepak C Mehta |
10000 |
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Ila Deepak Mehta |
10000 |
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Maulik Deepak Mehta |
10000 |
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Meghav Deepak Mehta |
9800 |
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Rohit Prabhudas Shah |
100 |
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Deepak Amratlal Desai |
100 |
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Total |
40000 |
List of Allotment (As on 10.07.2007)
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Names of Allotee |
No. of Shares |
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Deepak C Mehta |
10000 |
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Ila Deepak Mehta |
10000 |
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Maulik Deepak Mehta |
10000 |
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Meghav Deepak Mehta |
9800 |
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Rohit Prabhudas Shah |
1000 |
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Deepak Amratlal Desai |
1000 |
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Total |
41800 |
BUSINESS DETAILS
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Line of Business : |
Developers and Manufacturers basic
building blocks for various performance oriented end use applications in
Epoxies, Herbicides, Pharmaceuticals, Flavours and Fragrances, Adhesives,
Construction Chemicals, Electrical and Electronics, Antioxidants, Specialty
Resins and Polymers and so on. |
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Products : |
·
Ortho
Cresol ·
TMP ·
TMBPS ·
OMT ·
2-6
Xylenol ·
2,6
Xylidine ·
TMBPA ·
OMCHA ·
Mix
Xylenol ·
TMBPF ·
TMBAF ·
Glycidyl
Ethers |
GENERAL
INFORMATION
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Bankers : |
Corporation Bank Industrial Finance
Branch No. 14, Mumbai Pune Road, Wakdewadi, Pune – 411 003, Maharashtra,
India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Not Available |
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Group Companies : |
·
Sofotel Software Services Private Limited CIN No. : U72200MH1994PTC082506 ·
Deepak Nitrite Limited CIN No. : L24110GJ1970PLC001735 ·
Greypoint Investments Private Limited CIN No. : U65990MH1992PTC067734 ·
Stiffen Credits and Capital Private Limited CIN No. : U67120MH1994PTC082395 ·
Stigma Credits and Capital Private Limited CIN No. : U65990MH1994PTC082391 ·
Stepup Credits and Capital Private Limited CIN No. : U67120MH1994PTC082394 ·
Checkpoint Credit and Capital Private Limited CIN No. : U65990MH1994PTC082474 ·
Hardik Leafin Private Limited CIN No. : U65990MH1994PTC081274 ·
Forex Leafin Private Limited CIN No. : U65910MH1994PTC081851 ·
Pranawa Leafin Private Limited CIN No. : U65920MH1994PTC081846 ·
Skyrose Finvest Private Limited CIN No. : U67120MH1994PTC081852 ·
Sundown Finvest Private Limited CIN No. : U65990MH1994PTC081594 ·
Lakaki Works Private Limited CIN No. : U24239MH1954PTC008322 ·
Blueshell Investments Private Limited CIN No. : U65990MH1983PTC029775 ·
Storewell Credits and Capital Private Limited CIN No. : U65990MH1994PTC082638 |
CAPITAL STRUCTURE
Not Available
FINANCIAL DATA
[all figures are in Rupees Millions]
No financials are available from any sources
yet.
Mr. Modak, Finance Manager denied business and
financial details.
LOCAL AGENCY
FURTHER INFORMATION
Form No. 8
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Corporate
identity number of the company |
U24100MH2007PLC169468 |
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Name of the
company |
DEEPAK NOVOCHEM TECHNOLOGIES LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
5, Kamdar Shopping Centre, 1st Floor, V S Khandekar Marg,
Vile Parle (East), Mumbai – 400 057, Maharashtra, India |
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This form is for |
Creation of
charge |
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Type of charge |
Others Inventory, Book
Debts, Receivables and Second charge |
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Particular of charge
holder |
Corporation Bank Industrial
Finance Branch No. 14, Mumbai Pune Road, Wakdewadi, Pune – 411 003,
Maharashtra, India |
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Nature of
instrument creating charge |
Common deed of
Hypothecation of movables / assets / debts. |
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Date of instrument
Creating the charge |
28.11.2007 |
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Amount secured by
the charge |
Rs.50.000
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest 1.
Cash Credit
13.75% p.a. being 0.50% above COBAR. 2.
PCL (Upto
180 days) 10% p.a. being 3.25% below COBAR. 3.
FDBN/FDBD :
10% p.a. being 3.25% below COBAR. (Upto 90 days) 4.
FDBN / FPBP
/ FDBD : 12% p.a. being 1.25% below COBAR. (Beyond 90 days and upto 6 months from date of shipment) 5.
PCL (FC)
(upto 180 days) LIBOR + 1% plus out of pocket expenses. ·
Terms of
repayment CC – Running account repayable on demand PCL/PCFC – By Proceeds of bills negotiated / purchased / discounted Post Shipment : As per tenor of the bills ·
Margin ·
Stock /
Receivables : 25.00% ·
PCL : 10% of
FOB value ·
Extent and
operation of the charge Exclusive charge by way of Hypothecation of inventory comprising of
stock of raw materials, work-in-process, finished goods, stores and spares
and book debts / receivables. Second charge on Plant and Machineries and
other movables assets already procured / to be procured for the unit. |
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Particulars of
the property charged |
Inventory
comprising of stock of raw materials, work in process, finished goods, stores
and spares and book debts / receivables. Plant and Machinery and other
movable assets for the unit situated at Plot No. D/27/311, MIDC, Lote
Parshuram Industrial Area, Chiplun, Taluka Khed, Dist. Ratnagiri. |
WEB DETAILS
Customer needs are always
varied. Subject was established with the main objective of adding greater value
to customers products and realize the potential of innovation. They are in the
business of phenols and xylenols and their derivatives with manufacturing
facilities in India. The promoters have expertise of handling hazardous
chemicals over three decades. Under their able guidance, Subject has
incorporated the legacy of innovation and excellence, thereby creating greater
value and gaining customer satisfaction.
The facilities are re-created in line with
the legacy. They are among the very few companies in the world that employ gas phase reaction technology for
manufacturing various Cresols and Xylenols and their derivatives. After having
mastered this technology they are able to provide customized products from the
same facility. Along with existing products as a growth strategy, company
intends to move in the field of epoxy resins.
In line with the main objective they have a high performing R and D team
that constantly seeks to find better ways of bringing value to the products and
new product applications to become a versatile player in the market.
Environment protection begins at home. They are committed to the environment
and safety and security of their people, both within the premises and nearby
communities. The process and quality control ensures zero effluent discharge at their
facilities. As a part of the quality system they conduct safety and security
drills at regular intervals. They are an ISO certified company and abide by the
necessary regulatory norms.
MANAGEMENT
The effectiveness comes from the sharp thinking skills, wide experience
and result orientation approach of team. The professionally managed team is
drawn from the very best in the chemical industry, the parent group companies
i.e. Deepak Group of companies having thrived for more than three decades
managing the changing cycles of chemical industry. Subject's management team is
committed to ethical business practices and ensures that the responsibility to
the customers, shareholders, employees and community interests are well served.
CUSTOMERS
They aim to be a long term, reliable and dynamic partner to the
customers delivering real performance with better value addition.
Varied products and varied customers. Subject partners with its customers to
understand their needs, create new products and seek new product ideas.
This has led to mutually beneficial long term relations with a diverse customer
base and enabled the presence in critical and highly competitive markets.
Subject exports 70% of
its products to several different industries and locations such as the Far
East, Europe, Thailand, China and Japan. In the quest to get better every time,
they constantly seek to understand the changing dynamics of the industry and
find solutions that benefit the customers.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No 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.42.40 |
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UK Pound |
1 |
Rs.80.54 |
|
Euro |
1 |
Rs.62.96 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
- |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
- |
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--CREDIT LINES |
1~10 |
6 |
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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 |
NO |
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--AFFILIATION |
YES/NO |
NO |
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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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31 |
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 |
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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 |
|
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 |
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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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