MIRA
INFORM REPORT
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Report Date : |
07.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
KEMIT CHEMICALS PRIVATE LIMITED |
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Registered Office : |
41, Empire Tower, Panchvati C. G. Road, Near Associated Petrol Pump,
Ellis Bridge, Ahmedabad – 382006, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
04.11.1993 |
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Com. Reg. No.: |
04-20592 |
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CIN No.: [Company
Identification No.] |
U24231GJ1993PTC020592 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMK00202G |
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PAN No.: [Permanent
Account No.] |
AAACK5879N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Special Chemical is Prepared for Textile,
Leather, Construction Chemical and Pesticides. |
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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Maximum Credit Limit : |
USD 38000 |
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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 old and established company having moderate track. Its profitability
is under severe pressure. Payments are reported as slow at times but correct. The company can be considered for small to mediocre business dealings
with slight caution, initially. |
INFORMATION PARTED
BY
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Name : |
Mr. Keyur Desai |
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Designation : |
Director |
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Contact No.: |
91-9824548070 |
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Date : |
04.07.2008 |
LOCATIONS
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Registered Office : |
41, Empire Tower, Panchvati C. G. Road, Near Associated Petrol Pump,
Ellis Bridge, Ahmedabad – 382006, Gujarat, India |
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Tel. No.: |
91-79-65215206/ 65418659/ 65418659/ 26430726 |
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Fax No.: |
91-79-26421388 |
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E-Mail : |
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Website : |
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Area : |
800 sq. ft. |
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Location : |
Owned |
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Factory : |
78/12, Near Special Refractories, Phase I, GIDC Vatwa, Ahmedabad –
382445, Gujarat, India |
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Mobile : |
91-9824548070 (Mr. Kuyer Desai) |
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Area : |
1000 sq. mt |
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Location : |
Leased |
DIRECTORS
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Name : |
Mr. Keyur Yogesh Deshi |
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Designation : |
Director |
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Address : |
85 Tapovan Society, Ambawadi, Ahmedabad – 380015, Gujarat, India |
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Date of Birth/Age : |
07.01.1974 |
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Qualification : |
M. BA |
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Date of Appointment : |
29.12.2001 |
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Name : |
Mr. Yogesh Kantilal Desai |
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Designation : |
Director |
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Address : |
85 Tapovan Society, Ambawadi, Ahmedabad – 380015, Gujarat, India |
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Date of Birth/Age : |
19.06.1946 |
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Qualification : |
B. Sc. |
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Date of Appointment : |
27.07.1991 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
|
Names of Shareholders |
Equity Shares |
Preference
Shares |
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Mr. Yogesh K. Desai |
9540 |
3500 |
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Mr. Keyur Y. Desai |
9040 |
3500 |
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Mrs. Gopiben Y. Desai |
10074 |
13450 |
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Mrs. Mital Y. Desai |
5610 |
11000 |
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Mrs. Ritu K. Desai |
9 |
5000 |
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Mrs. Mansi M. Desai |
- |
500 |
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Mr. Yogesh K. Desai HUF |
1230 |
7500 |
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Mr. Rupal K. Desai |
4924 |
- |
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Mr. Krishnakant K. Desai |
1470 |
- |
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Mr. Ramdatt T. Shah |
464 |
- |
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Mr. Rakeshbhai K. Desai |
110 |
- |
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Mrs. Alpaben D. Shah |
269 |
- |
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Mr. Dipakbhai T. Shah |
1340 |
- |
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Mr. Rashmikant B. Shah |
220 |
- |
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Mrs. Dipikaben R. Shah |
250 |
- |
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Total |
45550 |
44450 |
(As on 31.03.2007)
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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 and Exporter of Special Chemical is Prepared for Textile,
Leather, Construction Chemical and Pesticides. |
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Products : |
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Exports : |
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Products : |
Special Chemical for Textile, Leather, Construction Chemical and
Pesticides |
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Countries : |
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Terms : |
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Selling : |
L/C |
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Purchasing : |
Credit (30-60 Days) |
GENERAL
INFORMATION
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Customers : |
End Users |
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No. of Employees : |
32 (Office – 7 and Factory – 25) |
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Bankers : |
Main Branch, Bhadra, Ahmedabad – 380001, Gujarat, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Rajesh Dudhara and Company Chartered Accountant |
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Address : |
601/B, 6th floor, Harekrishna Complex, Pritamnagar Bus
Stand, Ellisbridge, Ahmedabad – 380020, Gujarat, India |
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Tel. No.: |
91-79-26675189 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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55000 |
Equity Shares |
Rs.100/- each |
Rs.5.500 Millions |
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45000 |
Preference Shares |
Rs.100/- each |
Rs.4.500 Millions |
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Total |
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Rs.10.000
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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45550 |
Equity Shares |
Rs.100/- each |
Rs.4.555
Millions |
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44450 |
Preference Shares |
Rs.100/- each |
Rs.4.445
Millions |
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Total |
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Rs.9.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
9.000 |
9.000 |
9.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.281 |
0.638 |
0.661 |
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4] (Accumulated Losses) |
(1.723) |
0.000 |
0.000 |
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NETWORTH |
7.558 |
9.638 |
9.661 |
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LOAN FUNDS |
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1] Secured Loans |
8.738 |
3.900 |
3.551 |
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2] Unsecured Loans |
1.042 |
1.051 |
1.130 |
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TOTAL BORROWING |
9.780 |
4.951 |
4.681 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
17.338 |
14.589 |
14.342 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.416 |
3.639 |
3.128 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.005 |
0.005 |
0.005 |
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DEFERREX TAX ASSETS |
0.204 |
0.093 |
0.009 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
3.355
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4.941 |
2.226 |
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Sundry Debtors |
22.055
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17.325 |
17.975 |
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Cash & Bank Balances |
0.438
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0.259 |
0.297 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
4.135
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1.778 |
1.535 |
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Total
Current Assets |
29.983
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24.303 |
22.033 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
15.616
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12.951 |
10.878 |
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Provisions |
0.691
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0.556 |
0.030 |
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Total
Current Liabilities |
16.307
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13.507 |
10.908 |
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Net Current Assets |
13.676
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10.796 |
11.125 |
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MISCELLANEOUS EXPENSES |
0.037 |
0.056 |
0.075 |
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TOTAL |
17.338 |
14.589 |
14.342 |
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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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Debt Equity Ratio (Total Liability/Networth) |
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3.45
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1.91 |
1.61 |
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Current Ratio (Current Asset/Current Liability) |
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1.84
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1.80 |
2.02 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
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Corporate
identity number of the company |
U24231GJ1993PTC020592 |
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Name of the
company |
KEMIT CHEMICALS PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
41, Empire Tower, Panchvati C. G. Road, Near Associated Petrol Pump,
Ellis Bridge, Ahmedabad – 382006, Gujarat, India |
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This form is for |
Modification of Charge |
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Type of charge |
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Particular of
charge holder |
Bank of India Main Branch,
Bhadra, Ahmedabad – 380001, Gujarat, India |
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Nature of
instrument creating charge |
All that movable
including plant and Machinery, tangible movable properties and assets
situated at 78/12 GIDC Phase – I, Vatwa, Ahmedabad – 382445 and Book Debts of
the company |
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Date of
instrument Creating the charge |
24.01.2007 |
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Amount secured by
the charge |
Rs.7.900 Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of
Interests: Upon cash Credit (Stock
Addl – CC Stock) rate of interests is 1% over BPLR presently 13% p.a. 2% over
BPLR presently 14% total cash Credit (BD) 1% over presently 13% p.a. cash
Credit book debts (1% over BPLR presently 13% p.a.) EPC upto 180 days, 8.50%
p.a. 181 to 270 days 12% p.a. over 270 days 15.50% p.a. FBP/ FBN upto 90
days, 8.50% 91 to 180 days 12.00% p.a. terms loan 1.00% over BPLR Presently
13.00% Terms of
repayment: As per
Supplemental deeds of hypothecation agreement dated 24th January,
2007 Margin: As per Supplemental
deeds of hypothecation agreement dated 24th January, 2007 Extent and
Operation of the charge: As per
Supplemental deeds of hypothecation agreement dated 24th January,
2007 |
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Particulars of
the property charged |
All the movable properties
including movable plant and machinery, stock lying at |
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Particulars of
the present modification |
The amount of
charge is enhanced from Rs.6.900 Millions to Rs.7.900 Millions by this
modification 78/12, GIDC Phase – I, Vatwa, Ahmedabad – 382445 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 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.43.21 |
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UK Pound |
1 |
Rs.85.72 |
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Euro |
1 |
Rs.67.92 |
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 |
4 |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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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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29 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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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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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<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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