MIRA
INFORM REPORT
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Report Date : |
28.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
CHEMSEALS ENGINEERING PRIVATE LIMITED |
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Registered Office : |
10, Siddhapura Industrial Estate, S.V. Road, Chiwadi Lane, Goregaoon,
Mumabi-400062, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
01.07.1999 |
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Com. Reg. No.: |
11-120611 |
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CIN No.: [Company
Identification No.] |
U74210MH1999PTC120611 |
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TAN No:- |
MUMC07437D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Seals |
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 16000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track.
Profit margin is under severe pressure. Payments are reported as correct and
as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Ismail |
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Designation : |
Accountant |
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Date : |
21.08.2008 |
LOCATIONS
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Registered Office/ Factory : |
10, Siddhapura Industrial Estate, S.V. Road, Chiwadi Lane, Goregaoon,
Mumabi-400062, Maharashtra, India |
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Tel. No.: |
91-22-28772286 |
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Fax No.: |
91-22-28785876 |
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E-Mail : |
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Website : |
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Area : |
Approximately 3000 sq. ft ( Owned) |
DIRECTORS
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Name : |
Mr. Ishrat Saleem Dhukka |
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Designation : |
Director |
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Address : |
403/ B, Castle Tower, Vaishali Nagar, Jogeshwari (West),
Mumbai-400102, Maharashtra, India |
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Date of Birth/Age : |
12.08.1961 |
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Qualification : |
BUMS |
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Date of Appointment : |
01.07.1999 |
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Name : |
Mr. Ishrat Saleem Dhukka |
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Designation : |
Director |
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Address : |
403/ B, Castle Tower, Vaishali Nagar, Jogeshwari (West),
Mumbai-400102, Maharashtra, India |
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Date of Birth/Age : |
44 Years |
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Qualification : |
BUMS |
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Date of Appointment : |
01.07.1999 |
KEY EXECUTIVES
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Name : |
Mr. Ismail |
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Designation : |
Accountant |
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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Saleem Mohammed Dhukka |
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3499 |
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Ishrat Saleem Dhukka |
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1501 |
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Total |
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5000 |
As on 29.06.2007
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Seals |
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Exports : |
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Products : |
Seal |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
China |
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Terms : |
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Selling : |
Credit ( 30 Days) |
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Purchasing : |
Credit ( 90 Days) |
GENERAL
INFORMATION
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Customers : |
Corporate |
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No. of Employees : |
25 |
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Bankers : |
State Bank of India, SMECCC, “Synergy”, Bandra- Kurla Complex, Bandra
(East), Mumbai-400051, Maharashtra, India |
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Facilities : |
CC Rs. 6.000 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Ehtesham and Company Chartered Accountant |
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Address : |
127, Mastan Shopping Center, Clare Road, Byculla, Mumbai-400008,
Maharashtra, India |
CAPITAL STRUCTURE
As on 29.06.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000 |
Equity Shares |
Rs. 100/- each |
Rs. 0.500 Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000 |
Equity Shares |
Rs. 100/- each |
Rs. 0.500 Million |
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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 |
0.500 |
0.500 |
0.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
2.809 |
1.844 |
1.554 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
3.309 |
2.344 |
2.054 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
4.508 |
0.014 |
6.382 |
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TOTAL BORROWING |
4.508 |
0.014 |
6.382 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
7.817 |
2.358 |
8.436 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
6.713 |
5.638 |
6.511 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
1.856
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0.956 |
1.130 |
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Sundry Debtors |
2.670
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1.618 |
4.126 |
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Cash & Bank Balances |
2.659
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2.495 |
0.606 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
7.187
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0.490 |
0.221 |
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Total
Current Assets |
14.372
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5.559 |
6.083 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
12.681
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8.578 |
4.080 |
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Provisions |
0.590
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0.266 |
0.084 |
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Total
Current Liabilities |
13.271
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8.844 |
4.164 |
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Net Current Assets |
1.101
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[3.285] |
1.919 |
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MISCELLANEOUS EXPENSES |
0.003 |
0.005 |
0.006 |
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TOTAL |
7.817 |
2.358 |
8.436 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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15.161 |
10.954 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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15.161 |
10.954 |
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Profit/(Loss) Before Tax |
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0.600 |
0.543 |
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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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0.600 |
0.543 |
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Earnings in Foreign Currency : |
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Export Earnings |
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9.884 |
0.543 |
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Expenditures : |
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Depreciation & Amortization |
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0.863 |
0.887 |
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Other Expenditure |
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13.698 |
9.524 |
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Total Expenditure |
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14.561 |
10.411 |
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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 |
(%) |
NA
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3.95 |
4.96 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
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3.95 |
4.96 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
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5.36 |
4.31 |
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Return on Investment (ROI) (PBT/Networth) |
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NA
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0.26 |
0.26 |
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Debt Equity Ratio (Total Liability/Networth) |
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5.37
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3.78 |
5.13 |
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Current Ratio (Current Asset/Current Liability) |
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1.08
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0.63 |
1.46 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References:
- Shripur
Papers
- Pepsi India
- Lupin
Pharmaceutical
Bankers Charges
Report as per Registry
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Name of the company |
CHEMSEALS ENGINEERING PRIVATE LIMITED |
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Presented By |
Jointly Company
and chargeholder |
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1) Date and description of instrument creating the change |
General Agreement
for grant of small industrial advance and hypothecation of movables, book
debts and other assets dated 23.07.2001 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 1.200 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 |
All present and
future goods, book debts, movables and other assets including documents of
the standing moneys, receivables, claims, bills, invoices, documents,
contracts, engagement, securities, investments and right and the present machinery
and all the future machinery belonging to or in the possession or under the
control of the company wherever lying stored and kept ad whether in
possession of the company or of the elsewhere throughout the world including
all such goods movables and other assets as may be in course of shipment,
transit or delivery. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
1. Interest
payable as may be decided by the bank from time to time 2. Margin to be
maintained at such rates as stipulated by the bank form time to time. 3. individual
limits within the aggregate amount secured to be decided between the company
and bank form time to time. 4. Security
created by way of first charge and to cover the principal amount together
with interest, charge, costs, expenses etc. |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of
India, Jogeshwari (West), Mumbai, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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. |
Not Applicable |
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U74210MH1999PTC120611 |
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Name of the
company |
CHEMSEALS ENGINEERING PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
209, New Satguru
Mankindustiral Estate Western Express highway Goregaon (East),
Mumbai-4000063, Maharashtra, India |
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Type of charge |
Book Debts Movable Property |
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Particular of
charge holder |
State Bank of
India, SMECCC, ‘Synergy’ Bandra- Kurla Complex, Bandra (East), Mumbai-400051,
Maharashtra, India |
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Nature of
description of the instrument creating or modifying the charge |
Agreement of
Loan-cum-Hypothecation |
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Date of
instrument Creating the charge |
12.07.2007 |
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Amount secured by
the charge |
Rs. 9.340
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest All the Rates,
rests and percentages per annum equal to, above or below the SBAR as may be
fixed by the Bank from time to time, presently 14.25% p.a.on cash credit
limit. Terms of
Repayment Cash Credit
facility is repayable on demand and term loan to be repaid as per Annexure C
attached to the Agreement of
Loan-cum-Hypothecation dated 12.07.2007 Margin N.A. Extent and
Operation of the charge Security created
by way of first charge and to cover the principal amount together with
interest, charges, costs, expenses etc. Others Security created
in respect of the following facilities: Cash credit : Rs.
3.200 Millions Export packing
credit : ( Rs.1.200 Millions) Within cash
credit limit Term Loan : Rs.
6.140 Millions Total : Rs. 9.340
Millions |
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Short particulars
of the property charged |
All present and
future stocks, raw materials, goods, book debts and vehicles and all other
movable assets of the company including receivables, documents of title to
goods, outstanding monies, bills, invoices, documents, contracts, insurance
policies, guarantees, engagements, securities, investments and rights and the
present ad future machinery and other current assets, more particularly
described in the Annexure hereto |
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Particulars of
the present modification |
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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 |
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US Dollar |
1 |
Rs.43.73 |
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UK Pound |
1 |
Rs.80.57 |
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Euro |
1 |
Rs.64.29 |
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 |
5 |
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--PROFITABILIRY |
1~10 |
3 |
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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 |
YES |
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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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43 |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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