MIRA
INFORM REPORT
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Report Date : |
14.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
INTECH ORCHEM PRIVATE LIMTED |
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Registered Office : |
116/ 118, Naniar Building, P.D’Mello Road, Ground Floor, Carnac Bunder,
Mumbai-400009, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
23.06.1992 |
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Com. Reg. No.: |
11-67370 |
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CIN No.: [Company
Identification No.] |
U24100MH1992PTC067370 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMI01904A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Wide Range of Emulsion Polymers, Adhesive
Bin or for Non woven Paints etc. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 15000 |
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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.
Trade relations are fair. Business is active. Payments are reported as
usually correct and as per commitments. The company can be considered good for normal business dealings. |
LOCATIONS
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Registered Office : |
116/ 118, Naniar Building, P.D’Mello Road, Ground Floor, Carnac
Bunder, Mumbai-400009, Maharashtra, India |
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E-Mail : |
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Website : |
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Corporate Office : |
Jhamb House, 3rd Floor, 15 Forjet Street, X Cross Lane,
Mumbai-400026, Maharashtra, India |
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Tel. No.: |
91-22-32504615 |
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Fax No.: |
91-22-23480773 |
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Mobile No. : |
91-9821064244 |
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E-Mail : |
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Factory : |
Plot No. 1733, GIDC III, Vapi, Gujarat, India |
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Tel. No.: |
91-22-23094847 |
DIRECTORS
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Name : |
Mr. Yahyabhai E Dhariwala |
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Designation : |
Director |
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Address : |
15, Jhamb House, Forjett Street, Mumbai-400036, Maharashtra, India |
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Date of Birth/Age : |
15.10.1947 |
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Date of Appointment : |
30.09.1997 |
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Name : |
Mr. Adnan Yahya Dhariwala |
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Designation : |
Director |
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Address : |
15, Jhamb House, Forjett Street, Mumbai-400036, Maharashtra, India |
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Date of Birth/Age : |
08.03.1976 |
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Date of Appointment : |
30.09.1997 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2005
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Names of Shareholders |
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No. of Shares |
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Yahyabhai E Dhariwala |
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215000 |
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Adnan Yahya Dhariwala |
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35000 |
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Total |
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250000 |
Equity Share Breakup (Percentage Of Total Equity)
As on 30.09.2007
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Category |
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Percentage |
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Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Wide Range of Emulsion Polymers, Adhesive
Bin or for Non woven Paints etc. |
GENERAL
INFORMATION
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sohan S Jain and Company Chartered Accountant |
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Address : |
310, Varma Chambers, 11, Homji Street, Horniman Circle, Fort,
Mumbai-400001, Maharashtra, India |
CAPITAL STRUCTURE
As on 29.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.500 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
250000 |
Equity Shares |
Rs. 10/-
each |
Rs. 2.500
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.500 |
2.500 |
2.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.693 |
0.288 |
0.094 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
3.193 |
2.788 |
2.594 |
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LOAN FUNDS |
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1] Secured Loans |
2.826 |
3.014 |
1.914 |
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2] Unsecured Loans |
16.462 |
16.035 |
17.535 |
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TOTAL BORROWING |
19.288 |
19.049 |
19.449 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
22.481 |
21.837 |
22.043 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
7.431 |
6.995 |
6.836 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.200 |
0.100 |
0.100 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
18.964
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15.974 |
12.622 |
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Sundry Debtors |
6.178
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4.222 |
5.319 |
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Cash & Bank Balances |
0.074
|
0.373 |
1.063 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
0.147
|
0.822 |
0.165 |
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Total
Current Assets |
25.363
|
21.391 |
19.169 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
10.513
|
6.649 |
4.022 |
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Provisions |
0.000
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0.000 |
0.040 |
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Total
Current Liabilities |
10.513
|
6.649 |
4.062 |
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Net Current Assets |
14.850
|
14.742 |
15.107 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
22.481 |
21.837 |
22.043 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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56.800 |
44.230 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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56.800 |
44.230 |
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Profit/(Loss) Before Tax |
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0.516 |
0.379 |
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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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0.516 |
0.379 |
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Expenditures : |
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Interest |
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0.584 |
0.358 |
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Depreciation & Amortization |
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1.036 |
1.019 |
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Other Expenditure |
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54.664 |
42.474 |
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Total Expenditure |
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56.284 |
43.851 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
0.91
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0.86 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
0.91
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0.86 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.57
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1.34 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.16
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0.14 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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9.33
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9.22 |
9.06 |
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Current Ratio (Current Asset/Current Liability) |
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2.41
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3.22 |
4.72 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U24100MH1992PTC067370 |
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Name of the
company |
INTECH ORCHEM PRIVATE LIMTED |
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Address of the
registered office or of the principal place of business in India of the company |
116/ 118, Naniar Building, P.D’Mello Road, Ground Floor, Carnac
Bunder, Mumbai-400009, Maharashtra, India |
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Type of charge |
Immovable
Property |
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Particular of
charge holder |
Union Bank of India, Grant Road Branch, Farzadi Building, 355-A,
Maulana Saukatli Road, Grant Road, Mumbai-400007, Maharashtra, India |
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Nature of
description of the instrument creating or modifying the charge |
Memorandum of
Deposit of Title Deeds |
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Date of instrument
Creating the charge |
12.05.2008 |
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Amount secured by
the charge |
Rs. 13.500
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest CC
(Hypothecation) –BPLR +1% = 13.75% NON – Fund Based
Facility –Ususal Terms of
Repayment Repayable on
Demand Margin Stock -25% Book Debts – 50% Non Fund Based
Inland / Foreign LC – 25% Extent and
Operation of the charge Equitable
Mortgage by deposit of Title Deeds on the property to secure the due
repayment to union bank of India of all Amounts advanced or to be advanced
and of all the amounts under the various facilities granted or to be granted
by the bank to the company to the extent of Rs. 13.500 Millions together with
interest, compound and or additional interest in case of default, exchange
fluctuations, costs, charges, expenses etc. |
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Short particulars
of the property charged |
Equitable
Mortgage by deposit of Title Deeds in Respect of Company’s immovable property
viz. industrial Plot No. 1733 admeasuring 2728 sq mt, Land bearing revenue
survey No. 110/ Part in Vapi Notified industrial Estate situate, lying and
being within the village limits of Chhiri, Pardi, Registation sub district of
pardi and district of valsad (Gujarat) in the name of the company. Together
with building and structure constructed thereon together with fixed plant and
machinery (Refer memorandum) |
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Name of the company |
INTECH ORCHEM PRIVATE LIMTED |
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Presented By |
The Greater Bombay
Co-operative Bank Limited, Dadar |
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1) Date and description of instrument creating the change |
Extension of
Mortgage dated 17.08.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Term Loan of Rs.
0.500 Million |
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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 |
Mortgage by way
of constructive delivery of all that piece of land known as Plot No. 1733 in
the Vapi Notified Industrial Area consisting Revenue Survey Nos. 110/P within the Village limits of Chhiri,
Taluka Pardi, District Valsad, Containing by admeasurement 2728 square meters
or thereabuts. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Extension of
Mortgage of properties already originally charged by way of constructive
delivery to secure the above Term Loan together with interest, compound
interest, additional interest in case of default, liquidated damages,
commitment charges, premia on repayment, costs, charges, expenses, and other
monies payable by the Company to the bank. |
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5) Name and Address and description of the person entitled to the charge. |
Greater Bombay Co-Oprative
Bank Limited, Naoroji House, Naigaon Cross Road, Mumbai-400014, Maharashtra,
India |
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6) Date and brief description of instrument modifying the charge |
N.A |
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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. |
N.A |
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 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.42.67 |
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UK Pound |
1 |
Rs.80.92 |
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Euro |
1 |
Rs.63.71 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
|
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 |
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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 |
|
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 |
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