MIRA
INFORM REPORT
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Report Date : |
14.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
AH CHEMICALS PRIVATE LIMITED |
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Registered Office : |
Poddar Pont, 113, Park St., B-Block, 10th Floor, Kolkata – 700
016, West Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
11.01.1995 |
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Com. Reg. No.: |
21-67296 |
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CIN No.: [Company
Identification No.] |
U24231WB1995PTC067296 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUML04930C |
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PAN No.: [Permanent
Account No.] |
AAACL4363J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Trader of Chemicals and Solvents. |
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 50000 |
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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 meeting its normal commitments
timeously. Trade relations are fair. Business is avtive. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Tiwari |
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Designation : |
Export Department Officer |
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Date : |
30.06.2008 |
LOCATIONS
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Registered Office : |
Poddar Pont, 113, Park St., B-Block, 10th Floor, Kolkata –
700 016, West Bengal, India |
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Tel. No.: |
91-33-22299538 |
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Fax No.: |
91-33-22260135 |
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E-Mail : |
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Corporate Office : |
101, Adithanath Tower, 5A Old Nagardas Road, Andheri, Mumbai,
Maharashtra, India |
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Tel. No.: |
91-22-28259000 |
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Fax No.: |
91-22-28257000 |
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E-Mail : |
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Branch Office : |
Located at Kolkata |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Vikram Himatsingka |
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Designation : |
Director |
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Address : |
25 Ballygunj Park, Kolkata – 700 019, West Bengal, India |
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Date of Birth/Age : |
13.10.1972 |
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Date of Appointment : |
18.01.1995 |
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Election Commission Identity Card No. : |
WB/23/152/618277 |
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Name : |
Mr. Abhishek Himatsingka |
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Designation : |
Director |
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Address : |
25 Ballygunj Park, Kolkata – 700 019, West Bengal, India |
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Date of Birth/Age : |
28.02.1977 |
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Qualification : |
B.Com |
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Date of Appointment : |
20.12.1995 |
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Election Commission Identity Card No. : |
WB/23/152/018278 |
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Name : |
Mr. Ashok Jhanwar |
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Designation : |
Director |
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Address : |
5A, Old Nagardas Road, Andheri (East), Mumbai – 400 059, Maharashtra,
India |
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Date of Birth/Age : |
30.04.1964 |
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Date of Appointment : |
01.01.2000 |
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Election Commission Identity Card No. : |
MT/08/041/0489576 |
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Name : |
Mr. Rajendra Jhanwar |
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Designation : |
Director |
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Address : |
5A, Old Nagardas Road, Andheri (East), Mumbai – 400 059, Maharashtra,
India |
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Date of Birth/Age : |
10.08.1958 |
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Date of Appointment : |
18.01.1995 |
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Election Commission Identity Card No. : |
MT/08/041/0489577 |
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Name : |
Mr. Prakash Himatsingka |
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Designation : |
Director |
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Date of Birth/Age : |
30 Years |
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Qualification : |
B.Sc. |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 11.09.2006)
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Names of Shareholders |
No. of Shares |
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Prakash Himatsingka |
1000 |
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Vikram Himatsingka |
1000 |
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Abhishek Himatsingka |
1000 |
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Madhuri Himatsingka |
10100 |
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Prakash Ch Vikram KR (HUF) |
12500 |
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Seema Jhanwar |
24255 |
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Rama Jhanwar |
25275 |
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Rajendra Jhanwar |
4500 |
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Ashik Jhanwar |
7605 |
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Swan Silverwares Private Limited |
14160 |
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Rameshwar Lal Jhanwar |
3860 |
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Amit Jhanwar |
2430 |
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Shakuntala Devi Jhanwar |
1000 |
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Anuradha Himatsingka |
15000 |
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Aditi Himatsingka |
15000 |
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Nitesh Bagri |
575 |
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Saroj Bagri |
500 |
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Gangotri Tracon Private Limited |
10000 |
Name of Allotees
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Names of Shareholders |
No. of Shares Alloted |
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Cindey Goods and Supply (P) Limited |
34000 |
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Prism Sales Private Limited |
12000 |
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Swati Commodities Private Limited |
15000 |
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Crowford Plantation Private Limited |
12000 |
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Holly Field Traders Private Limited |
7000 |
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Tysom Agencies Private Limited |
12000 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
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Category |
Percentage |
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Bodies Corporate |
42.00 |
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Directors or relatives of directors |
57.00 |
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Other top fifty (50) shareholders |
1.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader of Chemicals and Solvents. |
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Imports : |
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Products : |
Chemicals |
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Countries : |
·
China ·
Korea ·
Russia |
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Terms : |
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Selling : |
Credit – 60 days |
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Purchasing : |
L/C (Limit Rs.15.000 millions) |
GENERAL
INFORMATION
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Customers : |
Manufacturers |
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No. of Employees : |
15 |
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Bankers : |
Oriental Bank of Commerce Andheri Overseas Branch, Leela Falleria, Andheri – Kurla Road, Andheri
(East), Mumbai – 400 059, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sanjay Modi and Company Chartered Accountants |
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Address : |
46, B. B. Ganguly Street, 1st Floor, Room No. 9, Kolkata –
700 012, West Bengal, India |
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Associates/Subsidiaries : |
·
Amjey Chemicals ·
PH. Trading Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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350000 |
Equity Shares |
Rs.10/- each |
Rs.3.500 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
241760 |
Equity Shares |
Rs.10/- each |
Rs.2.418
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 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.418 |
1.298 |
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2] Share Application Money |
0.000 |
0.000 |
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3] Reserves & Surplus |
7.530 |
0.588 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
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NETWORTH |
9.948 |
1.886 |
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LOAN FUNDS |
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1] Secured Loans |
12.916 |
11.076 |
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2] Unsecured Loans |
31.825 |
23.960 |
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TOTAL BORROWING |
44.741 |
35.036 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
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TOTAL |
54.689 |
36.922 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.093 |
0.073 |
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Capital work-in-progress |
0.000 |
0.000 |
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INVESTMENT |
0.027 |
0.027 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
2.082
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2.533 |
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Sundry Debtors |
55.470
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37.523 |
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Cash & Bank Balances |
2.860
|
2.200 |
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Other Current Assets |
0.064
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0.051 |
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Loans & Advances |
7.588
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7.555 |
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Total
Current Assets |
68.064
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49.862 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
11.778
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11.070 |
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Provisions |
1.717
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1.970 |
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Total
Current Liabilities |
13.495
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13.040 |
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Net Current Assets |
54.569
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36.822 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
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TOTAL |
54.689 |
36.922 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Debt Equity Ratio (Total Liability/Networth) |
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5.85 |
25.49 |
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Current Ratio (Current Asset/Current Liability) |
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5.04 |
3.82 |
LOCAL AGENCY
FURTHER INFORMATION
Form
No. 8
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Corporate
identity number of the company |
U24231WB1995PTC067296 |
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Name of the
company |
AH CHEMICALS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Poddar Pont, 113, Park St., B-Block, 10th Floor, Kolkata –
700 016, West Bengal, India |
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This form is for |
Creation of
charge |
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Type of charge |
·
Book debts ·
Movable
property (not being pledge) ·
Others |
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Particular of
charge holder |
Oriental Bank of Commerce Andheri Overseas Branch, Leela Falleria, Andheri – Kurla Road, Andheri
(East), Mumbai – 400 059, Maharashtra, India |
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Nature of
instrument creating charge |
Agreement of
Hypothecation of Assets. |
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Date of instrument
Creating the charge |
20.02.2008 |
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Amount secured by
the charge |
Rs.30.000
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate of
Interest Interest @ 13.25% p.a. or such other rate as agreed between the
borrower company and the bank from time to time. Penal interest, as agreed between the borrower company and the bank
from time to time. ·
Terms of
repayment Repayment, as agreed between the borrower company and the bank from
time to time. ·
Margin Cash Credit (Hypothecation) – 40% Bank Guarantee – 20% ·
Extent and
operation of the charge At the request of the borrower company, The bank has sanctioned overall
baning limits of Rs.30.000 millions, against Hypothecation of stocks and book
debts of the company. |
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Particulars of
the property charged |
At the request of
the borrower company, The bank has sanctioned overall baning limits of
Rs.30.000 millions, against Hypothecation of stocks and book debts of the
company. |
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.43.30 |
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UK Pound |
1 |
Rs.86.13 |
|
Euro |
1 |
Rs.68.72 |
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 |
YES |
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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 |
|
|
>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 |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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