MIRA
INFORM REPORT
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Report Date : |
11.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
BEST VALUE CHEM PRIVATE LIMITED |
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Registered Office : |
4 Prabhu Park Society No. 2, Near Anand Balwadi Amrakunj, Extension,
Baroda – 390 023, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
18.12.1996 |
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Com. Reg. No.: |
04-31318 |
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CIN No.: [Company
Identification No.] |
U24110GJ1996PTC031318 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BRDB00363G |
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PAN No.: [Permanent
Account No.] |
AAACB9400C |
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Legal Form : |
Private Limited Liability Company
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Line of Business : |
Manufacturer
and Seller of Aromatic and Perfumery Chemicals. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a pretty old and established company and seems to be
passing through difficult times at pressure. The company has not filed any
financials after 2006 with the Government Departments and the management
declined to part with any details. No further details could be made
available. In view of the above, the company can be considered for any business
dealings on fully safe and secured terms, only. |
INFORMATION
DECLINED BY
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Name : |
Mr. Mukesh |
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Designation : |
Account Departments |
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Date : |
10.12.2008 |
LOCATIONS
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Registered Office : |
4 Prabhu Park Society No. 2, Near Anand Balwadi Amrakunj, Extension,
Baroda – 390 023, Gujarat |
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Tel. No.: |
91-265-2342982 |
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Fax No.: |
91-265-2342191 |
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E-Mail : |
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Website : |
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Area : |
2000 sq. ft. |
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Location : |
Owned |
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Administrative
office: |
Mukund
Madhavan Udyog Nagar, Plot No. 142, Village Navghar, Vasai (East), Thane,
Maharashtra, India |
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Tel. No.: |
91-265-2342191 |
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E-Mail : |
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Corporate
Office : |
A-308, Kanara Business Centre, Behind Everest Gardens, Off Ghatkopar
Andheri Link Road, Ghatkopar (East) |
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Tel. No.: |
91-22- 2500 3602
/ 04 / 06 |
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E-Mail : |
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Website : |
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Factory 1 : |
Plot No.
439, Village Karkhadi, Taluka Padra, Baroda, Gujarat, India |
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Factory 2 : |
Plot No. 439/1,
Effluent Channel Road, Karkhadi – 391210, Padra, Baroda |
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Tel. No.: |
91-2662-273327/28 |
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Fax No.: |
91-2662-273607 |
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Area : |
50000
sq. ft. |
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Location : |
Owned |
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Branches 1 : |
203,
Akashganaga Apartments, Near Vanigya Bhavan, Bari Courst Road, Alkapuri,
Baroda-390007, Gujarat, India |
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Branches 2 : |
203 -
Shiv Shakti Complex, Sampatrao Colony R C Dutt Road, Vadodara – Gujarat |
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Tel No.: |
91-265-2341427/259 |
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E-Mail: |
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Websites : |
DIRECTORS
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Name : |
Mr.
Chazhoor Ouseph Shaju |
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Designation : |
Whole Time Director |
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Address : |
C/301, Nisarg, Diwalipura, Baroda-390015, Gujarat, India |
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Date of Birth/Age : |
01.06.1968 |
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Date of Appointment : |
01.09.1998 |
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Name : |
Mrs.
Gawde Milind Swati |
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Designation : |
Whole Time Director |
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Address : |
C-7, Ujwal Co-operative Society, Dahisar (West),
Mumbai-400068, Maharashtra, India |
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Date of Birth/Age : |
02.09.1971 |
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Date of Appointment : |
01.09.1998 |
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Name : |
Mr. Rajendra
Saraiya J |
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Designation : |
Director |
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Address : |
46, Bora Bazar
Street, Laxmi Bhuvan Floor CST, Mumbai – 400001, Maharashtra, India |
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Date of Birth/Age : |
24.06.1960 |
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Date of Appointment : |
11.02.2002 |
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Date of Ceasing : |
15.03.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of
Shareholders |
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No. of Shares |
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Finhelp
Investment and Consultants Private Limited |
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8000 |
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Multi Mode
Enterprises Private Limited Zest Aromas
Private Limited |
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10 |
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Multi Mode
Enterprises Private Limited Spectrum
Ingredients Private Limited Sai Fragrance and
Flavours Private Limited |
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10 |
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Multi Mode Enterprises
Private Limited |
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23480 |
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Mr.
Chazhoor Ouseph Shaju |
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2500 |
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Mrs.
Gawde Milind Swati |
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1000 |
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Mr. Vergeese
Denise Mr. Vergeese
Tanya |
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500 |
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Aromix Private
Limited |
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7725 |
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Green Biz
Holdings and Consultants Private limited |
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7775 |
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Hara Estates and
Capital Private Limited |
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9000 |
AS ON 30.09.2007
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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92.00 |
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Directors or relatives of directors |
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7.00 |
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Other top fifty shareholders |
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1.00 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer
and Seller of Aromatic and Perfumery Chemicals. |
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Products : |
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Imports : |
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Countries : |
U.S.A.
and Europe |
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Terms : |
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Purchasing : |
L/C
terms |
PRODUCTION STATUS (As on 31.03.2006) :-
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Particulars |
Installed Capacity |
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Organic Chemicals |
800 (MTs) |
Raw Material
Consumed:
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Class of goods |
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Qty
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Value
(Rs.
In Millions) |
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Organic Chemicals and Solvents |
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|
954664 |
56.737 |
GENERAL
INFORMATION
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Bankers : |
Ø Corporation
Bank, Baroda Branch, Kalbadevi Road Branch, Mumbai 400002, Maharashtra, India Ø Bank of Baroda, Kalbadevi Branch, Mumbai-400002, Maharashtra, India Ø Bank of India, Turbhe Branch, New Bombay and Hill Road Branch, Mumbai, Maharashtra, India Ø ABN Amro Bank – Alkapuri Ø ABN Amro Bank – Mumbai Ø Corporation Bank – Alkapuri Ø Citi Bank Ø Indian Overseas Bank Limited, Dandia Bazar Char Rasta, NR Fire Station, Baroda – 390 001, Gujarat |
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Facilities : |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
Virendra Nayyar
and Company Chartered
Accountants |
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Address : |
2, Nutan Ashapuri
Society, Subhanpura, Baroda – 390023 |
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Tel. No.: |
91-265-2283292 |
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Associates/Subsidiaries : |
NIL |
CAPITAL STRUCTURE
AS ON 30.09.2007
Authorised
Capital :
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No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.500 millions |
|
10000 |
Preference Shares |
Rs. 1000/- each |
Rs. 10.000 millions |
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Total |
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Rs. 12.500 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.500 million |
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10000 |
Preference Shares |
Rs. 1000/- each |
Rs. 10.000 Millions |
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Total |
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Rs. 10.500 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
10.500 |
10.500 |
10.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(2.108) |
(2.603) |
(12.698) |
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NETWORTH |
8.392 |
7.897 |
(2.198) |
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LOAN FUNDS |
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1] Secured Loans |
49.823 |
38.261 |
36.383 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
49.823 |
38.261 |
36.383 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
3.102 |
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TOTAL |
58.215 |
46.158 |
37.287 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
28.437 |
15.655 |
16.648 |
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Capital work-in-progress |
0.000 |
1.558 |
0.000 |
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INVESTMENT |
0.005 |
0.005 |
0.005 |
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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 |
32.326
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13.178 |
13.237 |
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Sundry Debtors |
19.549
|
15.012 |
12.008 |
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Cash & Bank Balances |
0.342
|
8.486 |
1.846 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
2.240
|
2.399 |
1.133 |
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Total
Current Assets |
54.457
|
39.075 |
28.224 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
33.171
|
12.542 |
9.634 |
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Provisions |
0.015
|
0.600 |
0.600 |
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Total
Current Liabilities |
33.186
|
13.142 |
10.234 |
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Net Current Assets |
21.271
|
25.933 |
17.990 |
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MISCELLANEOUS EXPENSES |
8.502 |
3.007 |
2.644 |
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TOTAL |
58.215 |
46.158 |
37.287 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
|
Sales Turnover |
|
64.695 |
67.621 |
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Other Income |
|
0.000 |
0.000 |
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Total Income |
|
64.695 |
67.621 |
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Profit/(Loss) Before Tax |
|
7.545 |
14.965 |
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Provision for Taxation |
|
(0.066) |
0.830 |
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Profit/(Loss) After Tax |
|
7.611 |
14.135 |
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Export Value |
|
0.149 |
0.096 |
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Import Value |
|
12.562 |
12.860 |
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Total Expenditure |
|
57.150 |
52.656 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
NA
|
11.76 |
20.90 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
|
11.66 |
22.13 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
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13.40 |
33.35 |
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Return on Investment (ROI) (PBT/Networth) |
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NA
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0.96 |
(6.81) |
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Debt Equity Ratio (Total Liability/Networth) |
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9.89
|
6.51 |
(21.21) |
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Current Ratio (Current Asset/Current Liability) |
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1.64
|
2.97 |
2.76 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed
assets
v Land and Land Development
v Factory Building
v Furniture and Fixture
v Office Equipments
v Air conditioners
v Computer
v Electrical Installation
v Plant and Machinery
v Borewell
v Misc. Fixed Assets
v Laboratory Equipments
v Effluent Treatment Plant
v Motor Bike
v Cycle
v
Mobile
v
Boiler
v
Cooling Tower
v
Factory
Equipments
v
Safety
Equipment
v
Tools and
Equipments
v
Mobile
Phones
FORM 8:-
|
Corporate
identity number of the company |
U24110GJ1996PTC031318 |
|
Name of the
company |
BEST VALUE CHEM
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
4 Prabhu Park Society No. 2, Near Anand Balwadi Amrakunj, Extension,
Baroda – 390 023, Gujarat |
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This form is for |
Modification of
charge |
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Type of charge |
· Immovable Property · Book Debts · Movable Property (Not Being Pledge) |
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Particular of charge
holder |
Indian Overseas bank, Dandia Bazaar Branch, Vadodara
– 390 001, Gujarat, India E-Mail: dandiabr@barsco.iobnet.in |
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Nature of
instrument creating charge |
Supplemental Narration
fro Extension of equitable mortgage and Letter of Hypothecation. |
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Date of
instrument Creating the charge |
07.02.2007 |
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Amount secured by
the charge |
Rs. 36.800
millions |
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Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest : · CC against hypothecation of stock and Book Debts – 0.25% + BPLR presently 12.25% p.a monthly rests. · Term Loan against Machinery – 0.75% + bPLR presently 12.75% p.a with monthly rests · Usance Bill Discounting : Presently 8.5% p.a Terms of repayment : Cash Credit :
Repayable on Demand Term Loan:
Repayable in 60 WEMI of Rs. 0.222 million. Margin: Margin 25% on
Stock and Book Debts and in case of other facilities also margin shall be 25%
Extent and Operation of the Chare: The charge shall
be first charge in favour of the bank to secure the enhanced credit
facilities aggr. To Rs. 36.800 millions Extended to the company. |
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Short particulars
of the property charged (Including location of the property) |
Hypothecation on
first charge basis of stock of RM, SIP and FG, receivables, plant and
machinery furniture, fixture, misc fixed assets all present and future,
Immovable property owned by the company being land block No. 439 containing
factory, building and structures and immovable property owned by Multimode
Enterprises Private Limited being land bearing block No. 437 and 438/2 all
situated at effluent channel road, village Kharakhdi, Tal Padra District,
Vadodara . |
AS PER WEBSITE
Subject is one of the leading
manufacturers of fragrance and flavour ingredients in INDIA.
The companies commitment to customer
satisfaction, by delivering quality products and services has helped it to become
one of the leading manufacturers in INDIA.
Responding creatively and competitively with their products
in anticipation with their customers’ aspirations is their unique aspect
small scale plant commissioned in 1996, on leased premises in the city of
Mumbai soon proved its competence in the industry.
Increased volumes and widened product range called for bigger and Sophisticated
production facility and therefore in 2000, a new plant was commissioned near
Baroda, GUJARAT.
Baroda, as a location offers immense potential for necessary resources like easy availability of feed material and qualified human resources human resource. Furthermore, its access to the central effluent discharge facilities offered by local industries was an additional factor for selecting the location.
Subject’s core competence lies in developing products at competitive prices, that complies with the international standards, backed by reliable service
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.49.12 |
|
UK Pound |
1 |
Rs.72.59 |
|
Euro |
1 |
Rs.63.52 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
--- |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
--- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
21 |
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 |
|