MIRA
INFORM REPORT
|
Report Date : |
31.01.2008 |
IDENTIFICATION
DETAILS
|
Name : |
NEWREKA CHEMICALS PRIVATE LIMITED |
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Registered Office : |
Rangashish 2 Dreamland Housing Society Soares Road Chembur, Mumbai 400093, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
31.01.1997 |
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Com. Reg. No.: |
105590 |
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CIN No.: [Company
Identification No.] |
U24100MH1997PTC105590 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMN11861D |
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PAN No.: [Permanent
Account No.] |
AAACN3645H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
To carry on the business of buying, selling, importing, exporting, manufacturing, processing, analyzing and dealing in organic and inorganic chemicals and chemicals of any nature and kind whatsoever |
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 : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track records. Its profitability is under severe
pressure. It has huge accumulated
losses. Payments are reported as slow
but correct. The company can be considered for small to mediocre business dealings
with slight caution. No clean credit can be granted. |
LOCATIONS
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Registered Office : |
Rangashish 2 Dreamland Housing Society Soares Road Chembur, Mumbai, Maharashtra, India |
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Tel. No.: |
91-22-56950862 |
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Fax No.: |
91-22-56942794 |
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E-Mail : |
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Head Office : |
Unit No. 103, Universal Industrial Estate, Opposite Andheri Sports Complex, J. P. Road, Andheri (West), Mumbai – 400058 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Vineet A. Shroff |
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Designation : |
Chairman |
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Address : |
Rangashish 2 Dreamland Housing Society Soares Road Chembur, Mumbai, Maharashtra, India |
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Date of Appointment : |
31.01.1997 |
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Name : |
Mr. Bhadresh K. Padai |
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Designation : |
Director |
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Address : |
C-8, Gracious, Mahakali Caves Road, Andheri (East), Mumbai - 400093 |
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Date of Appointment : |
31.01.1997 |
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Name : |
Mr. Hitesh C. Vadalia |
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Designation : |
Director |
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Address : |
4, Mangal Murti Zaver Road, Mulund [West], Mumbai 400080, Maharashtra, India |
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Date of Appointment : |
31.01.1997 |
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Name : |
Mr. Hiren A. Vora |
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Designation : |
Director |
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Address : |
Birla Mansion, Benham Lane, Prarthana Samaj, Mumbai – 400004, Maharashtra, India |
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Date of Appointment : |
31.01.1997 |
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Name : |
Mr. Nitesh H. Mehta |
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Designation : |
Director |
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Address : |
Mehta Enterprises, Opposite Old Bus Stop, Dhamtarai, Raipur 493773 |
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Date of Appointment : |
20.02.1997 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
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No. of Shares |
|
Vineet Shroff |
|
10 |
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Vineet Shroff Smt. Prajakta Shroff |
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160 |
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Jagdish Mehta Veena Mehta Drupal Mehta |
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170 |
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Bhadresh K. Padia |
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10 |
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Bhadresh K. Padia Kaushik K. Padia |
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160 |
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Ajay K. Padia |
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170 |
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Hitesh Vadalia |
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10 |
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Hitesh C. Vadalia Mrs. Rupa H. Vadalia |
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160 |
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Hiren Vora |
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10 |
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Hiren A. Vora Ajit V. Vora |
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160 |
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Nitesh Mehta |
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170 |
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Equity Share Break-up |
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Percentage of
Holding |
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Directors or relatives of the Directors |
|
84.00 |
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Others |
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16.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
To carry on the business of buying, selling, importing, exporting, manufacturing, processing, analyzing and dealing in organic and inorganic chemicals and chemicals of any nature and kind whatsoever |
GENERAL
INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
15 |
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Bankers : |
Ř
Canara Bank Chembur Branch,
70-A, Maharshi Dayanand Saraswati Marg, Chembur Main, Mumbai 400071,
Maharashtra, India
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Rajiv Kumar Mathur and Company Chartered Accountants |
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Address : |
C-43, Kojagari, Off Military Road, Andheri [East], Mumbai 400072, Maharashtra,
India |
CAPITAL STRUCTURE
As on 30.09.2006
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000 |
Equity Shares |
Rs. 100/- each |
Rs. 0.500 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4190 |
Equity Shares |
Rs. 100/-
each |
Rs. 0.419
Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
0.119 |
0.119 |
0.119 |
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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) |
[1.120] |
[1.380] |
(0.565) |
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NETWORTH |
[1.001] |
[1.261] |
(0.446) |
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LOAN FUNDS |
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1] Secured Loans |
2.766 |
1.595 |
1.248 |
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2] Unsecured Loans |
12.193 |
8.577 |
8.892 |
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TOTAL BORROWING |
14.959 |
10.172 |
10.140 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
13.958 |
8.911 |
9.694 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.930 |
0.645 |
0.477 |
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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 |
0.047 |
0.047 |
0.046 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
7.035 |
2.599 |
3.476
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Sundry Debtors |
3.814 |
2.503 |
2.099
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Cash & Bank Balances |
0.158 |
0.155 |
0.167
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Other Current Assets |
0.000 |
0.000 |
0.000
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Loans & Advances |
0.881 |
1.068 |
0.000
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Total
Current Assets |
11.888
|
6.325 |
5.742 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
8.555 |
6.225 |
5.206 |
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Provisions |
0.107 |
0.092 |
0.000 |
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Total
Current Liabilities |
8.662
|
6.317 |
5.206 |
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Net Current Assets |
3.226 |
0.008 |
0.536
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MISCELLANEOUS EXPENSES |
9.755 |
8.211 |
8.635 |
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TOTAL |
13.958 |
8.911 |
9.694 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Total Income |
15.379 |
18.272 |
10.802 |
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Profit/(Loss) Before Tax |
0.274 |
[0.815] |
0.550 |
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Provision for Taxation |
-- |
-- |
-- |
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Profit/(Loss) After Tax |
0.274 |
[0.815] |
0.550 |
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Expenditures : |
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Interest |
0.206 |
0.175 |
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Depreciation & Amortization |
0.234 |
0.231 |
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Other Expenditure |
14.665 |
18.681 |
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Total Expenditure |
15.105 |
19.087 |
13.617 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
1.78
|
[4.46] |
5.09 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.78
|
[4.46] |
5.09 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.14
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[11.69] |
8.84 |
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Return on Investment (ROI) (PBT/Networth) |
|
[0.27]
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[0.64] |
(1.23) |
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Debt Equity Ratio (Total Liability/Networth) |
|
[23.59]
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[13.07] |
(34.40) |
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Current Ratio (Current Asset/Current Liability) |
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1.37
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1.00 |
1.10 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8
|
This Form is for |
Modification of charge |
|
Charge
identification number of the charge to be modified |
90236052 |
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Corporate
identity number of the company |
U24100MH1997PTC105590 |
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Name of the
company |
NEWREKA
CHEMICALS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Rangashish 2 Dreamland Housing Society Soares Road Chembur, Mumbai, Maharashtra |
|
Type of charge |
Book Debts Others |
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Particular of
charge holder |
Canara Bank Chembur Main
Branch, Mumbai 400071, Maharashtra, India |
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Nature of
description of the instrument creating or modifying the charge |
Supplemental
Agreement to hypothecation agreement for [OCC/BD] dated 28.11.2006 |
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Date of
instrument Creating the charge |
28.11.2006 |
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Amount secured by
the charge |
Rs. 2.500
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
[a] Rate of
Interest 13.25% [b] Terms of
repayment on demand [c] Margin 25% [d] Extent and
operation of the charge Against book
debts and stock in trade upto Rs. 2.500 Millions |
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Description of
the instrument creating the charge |
Sanction Letter |
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Date of
acquisition of the Property |
28.11.2006 |
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Amount of the
charge |
Rs. 2.500
Millions |
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Particulars of
the property charged |
Book debts and
stocks of the company |
|
Short particulars
of the property charged |
Book debts of the
company Goods lying at
W-105, MIDC Phase II dombivli [East], Thane 421203 |
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Date of latest
modification prior to the present modification |
29.01.2001 |
|
Particulars of
the present modification |
OCC Limit Rs.
2.500 Millions Sub Limit ODBD
Rs. 1.000 Millions Supply Bill Rs.
0.500 Millions |
|
Name of the company |
NEWREKA
CHEMICALS PRIVATE LIMITED |
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Presented By |
Canara bank,
Chembur Branch, Mumbai |
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1) Date and description of instrument creating the change |
Agreement for discounting of supply bills dated 29.01.2001 |
|
2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 0.500 Million |
|
3) Short particular of the property charged. If the property acquired is
subject to charge, date of the acquired of the property should be given |
Hypothecation of
finished products such as newron beechamp powder [N.B.P.], Newreka PH
Catalyst [N.P.C], Newreka Reduction Accelerators[N.R.A.] |
|
4) Gist of the terms and conditions and extent and operation of the
charge. |
Interest at the
rate of 3.50% per annum above ongoing prime lending rate [or at such other
rates as may be revised by the bank from time to time] with a minimum of
15.75% per annum compounded quarterly |
|
5) Name and Address and description of the person entitled to the
charge. |
Canara Bank Chembur Branch,
70-A, Maharshi Dayanand Saraswati Marg, Chembur Main, Mumbai 400071,
Maharashtra, India |
|
6) Date and brief description
of instrument modifying the charge |
NA |
|
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. |
NA |
AS PER WEBSITE
DETAILS:
A company set up in 1997 by a team of technocrats from IIT (Indian
Institute of Technology), Bombay.
Company Headquarters: Mumbai.
R&D Laboratories: Mumbai, Ahmedabad & Solapur.
A dedicated team of over one hundred chemists and chemical engineers.
Contract Manufacturing facilities in India (Vapi, Badlapur, Tarapur, Solapur
& Surat).
Their Commitments
Providing breakthrough solutions and services to customers in the domain
of GREEN CHEMISTRY by leveraging their experience and discovering and setting
new paradigms / standards.
Their Business
Vision
To be a globally known and respected company with a reputation for
delivering expanded benefits to customers in the domain of Green Chemistry.
Their Social
Vision
All their technologies and breakthrough are done with the objective of
making their world a cleaner and safer place for them and for the future
generations to come.
THEIR TEAM:
VINEET A. SHROFF
Is
an engineer from IIT Bombay, is a visionary and has incubated and ventured many
technology companies including Newreka. He is an expert in mixing and agitation
systems. He has experience of designing, fabricating and commissioning of
Industrial Agitators for vessels capacities varying from 1000 lit. to 1,00,000
lit. Our sister concern Standard Engineers are the leaders in the field
Industrial Mixing since last 35 years. Also the future belongs to the digital
domain and Vineet is a strong advocate of the fact that the exploding net is an
opportunity that rarely comes even in one life time. "All analog processes
will be made completely digital; or be digitally controlled".
BHADRESH K. PADIA
Is
the brain & spirit behind NEWREKA. He is a chemical engineer from
IIT-Bombay with core competence in process innovation, intensification, design
& optimization of multiphase reactions for pharma, specialty & fine
chemicals. Scale up from gms to kgs to tons, trouble shooting from fundamental
principles, having experience of more than 15 years of work with companies like
Herdillia, ACC, Sun Pharma etc. Managing Innovation, R & D, technology
development and scale up for production in reaction vessels with capacity from
1000 lit to 1,00,000 lit. are the key strength he brings to team.
NITESH H. MEHTA
Is
a Master in Chemical Engineering from IIT Bombay, is an expert on Technology
Implementation at plant level, setting up recycle loops and material balance at
plant and process scale up calculations. He has experience of standing at
shopfloor and personally taking more than 500 plant level batches with Newreka
Reduction Technology (NRT) in more than 25 different products. He has also
guided more than 2000 laboratory experiments in reduction for more than 75
diverse molecules and reducing different functional groups
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. 39.43 |
|
UK Pound |
1 |
Rs. 78.45 |
|
Euro |
1 |
Rs. 58.26 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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 |
|