MIRA
INFORM REPORT
|
Report Date : |
08.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
OSCAR CHEMICALS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
403-404, Florence, Opposite Ashram Road, Post Office, Ahmedabad – 380
009, Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
24.11.1994 |
|
|
|
|
Com. Reg. No.: |
023648 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U24110GJ1994PTC023648 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
AHMO00050B |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACO2267L |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Trading in Chemicals |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 50000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having satisfactory track. Directors are reported as experienced, respectable and having satisfactory means of their own. Their trade relations are fair. Payments are correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
403-404, Florence, Opposite Ashram Road, Post Office, Ahmedabad – 380
009, Gujarat, India |
|
Tel. No.: |
91-79-25622990/ 25621135 |
|
Mobile No.: |
91-9924000016/ 9376100007 |
|
Fax No.: |
91-79-25623527 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
|
Name : |
Mr. Sumer Bhurmal Kothari |
|
Designation : |
Chairman and Managing Director |
|
Address : |
B-4, Blue Heaven, Opp. Meghalay Flats, Ahmedabad – 380 013, Gujarat, India |
|
|
|
|
Name : |
Mr. Ashok Bhurmal Kothari |
|
Designation : |
Director |
|
Address : |
B-4, Blue Heaven, Opp. Meghalay Flats, Ahmedabad – 380 013, Gujarat, India |
|
|
|
|
Name : |
Mr. Siddharth S Kothari |
|
Designation : |
Director |
|
Address : |
B-4, Blue Heaven, Opp. Meghalay Flats, Ahmedabad – 380 013, Gujarat, India |
|
|
|
|
Name : |
Mr. Kunal S Kothari |
|
Designation : |
Director |
|
Address : |
B-4, Blue Heaven, Opp. Meghalay Flats, Ahmedabad – 380 013, Gujarat, India |
|
|
|
|
Name : |
Mr. Virendra B Mehta |
|
Designation : |
Director |
|
Address : |
B/2 Blue Heaven, Shantiniketan Society, Near S P Colony, Ahmedabad –
380 013, Gujarat, India |
|
|
|
|
Name : |
Mr. Manishkumar M Shah |
|
Designation : |
Director |
|
Address : |
B/1 Blue Heaven, Shantiniketan Society, Near S P Colony, Ahmedabad –
380 013, Gujarat, India |
|
|
|
|
Name : |
Mr. Sumermal M Shah |
|
Designation : |
Director |
|
Address : |
105, Anandlaxmi Society, Near Shahibag Police Station, Ahmedabad – 380
004, Gujarat, India |
|
|
|
|
Name : |
Mr. Vikas M Shah |
|
Designation : |
Director |
|
Address : |
B/1 Blue Heavan, Opp Meghlaya Flats, Near S P Colony, Ahmedabad – 380 013,
Gujarat, India |
KEY EXECUTIVES
|
Name : |
Mr. Suresh Chandas |
|
Designation : |
Company Secretary |
|
Address : |
E-105, Rosewood Estate, Jodjpur Char Rasta, Ahmedabad, Gujarat, India |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Sumer Bhurmal Kothari |
|
58010 |
|
Mr. Ashok Bhurmal Kothari |
|
55010 |
|
Mr. Virendra B Mehta |
|
10 |
|
Mr. Manishkumar M Shah |
|
10 |
|
Mr. Sumermal M Shah |
|
10 |
|
Mr. Virendra B Mehta |
|
10 |
|
Mr. Sumermal Bhurmal Kothari |
|
10 |
|
Mr. Virendra B Mehta |
|
10 |
|
Ms. Hina A Kothari |
|
70000 |
|
Mr. Siddharth S Kothari |
|
25000 |
|
Ms. Jyoti S Kothari |
|
125000 |
|
Mr. Kunal S Kothari |
|
26920 |
|
Mr. Mangilal G Shah |
|
100 |
|
Mr. Rajendra B Shah |
|
100 |
|
Total |
|
360200 |
BUSINESS DETAILS
|
Line of Business : |
Trading in Chemicals |
|
|
|
|
Products : |
Chemicals |
GENERAL
INFORMATION
|
No. of Employees : |
50 |
|
|
|
|
Bankers : |
v Citi Bank N A v Union Bank of
India v Bhagyoday
Co-Operative Bank Limited v Punjab National
Bank |
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
Dimple V Shah and Company Chartered Accountants 206, Saumay, 2nd Floor, 5, Kalpana Society, B/H – Navrangpura Post Office, Ahmedabad, Gujarat, India |
|
Tel. No.: |
91-79-55611737 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs. 10/- |
Rs. 5.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
360200 |
Equity Shares |
Rs. 10/- |
Rs. 3.602
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
3.602 |
3.602 |
3.602 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
9.104 |
7.392 |
5.751 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
12.706 |
10.994 |
9.353 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
32.025 |
24.660 |
20.040 |
|
|
2] Unsecured Loans |
26.740 |
15.981 |
21.960 |
|
|
TOTAL BORROWING |
58.765 |
40.641 |
42.000 |
|
|
DEFERRED TAX LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
71.471 |
51.645 |
51.418 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
8.955 |
3.572 |
3.296 |
|
|
Capital work-in-progress |
6.499 |
1.866 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.060 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2.032
|
3.447 |
4.854 |
|
|
Sundry Debtors |
85.748
|
52.024 |
58.018 |
|
|
Cash & Bank Balances |
2.247
|
0.235 |
0.073 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
9.544
|
8.509 |
7.550 |
|
Total
Current Assets |
99.571
|
64.215 |
70.495 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
40.674
|
15.194 |
20.975 |
|
|
Provisions |
2.940
|
2.814 |
1.398 |
|
Total
Current Liabilities |
43.614
|
18.008 |
22.373 |
|
|
Net Current Assets |
55.957
|
46.207 |
48.122 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
71.471 |
51.645 |
51.418 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
|
|
|
|
Sales Turnover |
319.438 |
286.661 |
265.700 |
|
Other Income |
17.296 |
20.365 |
17.402 |
|
Total Income |
336.734 |
307.026 |
283.102 |
|
|
|
|
|
|
Profit/(Loss) Before Tax |
3.535 |
3.513 |
2.895 |
|
Provision for Taxation |
1.208 |
1.379 |
1.107 |
|
Profit/(Loss) After Tax |
2.327 |
2.134 |
1.788 |
|
|
|
|
|
|
Total Expenditure |
326.898 |
297.853 |
277.098 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
0.69 |
0.69 |
0.63 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.10 |
1.22 |
1.08 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.25 |
5.18 |
3.92 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27 |
0.32 |
0.31 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
8.05 |
5.33 |
6.88 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.28 |
3.57 |
3.15 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
Bankers Charges
Report as per Registry
|
Name of the company |
M/S OSCAR CHEMICALS PRIVATE LIMITED |
|
Presented By |
Mr. Sumer B Kothari |
|
1) Date and description of instrument creating the change |
Goods and
security agreement dated 23.07.2005 executed by M/s Oscar Chemicals Private Limited
( Hereinafter referred to as “the Company”) in favour of Citibank N A (
Hereinafter referred to as “the Lender”) |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Total working
capital facilities of Rs. 30.000 Millions |
|
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 |
The whole movable
assets, including stocks of raw materials, goods and all finished and
manufactured goods and articles together with all stores, components and
spares which now belongs to and pertains to or may hereafter from time to
time during the continuance of this security belong to and pertains to the
company and which are or shall or may be brought into stored or be in or upon
or about the company’s factory, Godowns and their premises wherever else the
same may be situated, stored or lying or being including any such raw
materials, inventories, article or goods, any stores spares and components or
other similar movable assets in course of transit or delivery to the company
and all of the company’s present and future book debts, Outstanding Monies,
receivables, claims bills, Investments, rights to or on movable properties
and movable assets forming part of current assets which are now due owing or
payable or belonging to or pertaining to the company or which may at any time
hereafter during the continuance of this security become due, owing payable
or belonging to or pertaining to the company in the course of its business
and together with all benefits, advantages and legal incidence thereof. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
In consideration
of the lender having agreed to lend advance to the company, said credit
facilities the company covenants inter alia, as follows:
|
|
5) Name and Address and description of the person entitled to the charge. |
Citi Bank N A 3rd
Floor, Rembrandt, CG Road, Near Panchavati circle, Ahmedabad – 380 006,
Gujarat, India |
|
Corporate identity
number of the company |
U24110GJ1994PTC023648 |
|
Name of the
company |
OSCAR CHEMICALS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
403-404, Florence, Opposite Ashram Road, Post Office, Ahmedabad – 380
009, Gujarat, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
Equitable mortgage of property by depositing the title deeds. |
|
Particular of
charge holder |
ICICI Home
Finance Company Limited Land Mark,
Alkapuri Rale Lourle Road, Vadodara, Gujarat, India |
|
Nature of
instrument creating charge |
Equitable mortgage of property by depositing the title deeds. |
|
Date of
instrument Creating the charge |
10.05.2006 |
|
Amount secured by
the charge |
Rs. 2.500
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
10.25% 120 EMI of Rs. 0.033 Million |
|
Description of the
property charged indicating whether it is a charged on |
Immovable
properties |
|
Particulars of
the property charged |
403,404 Florence,
Opp Sales India, Ashram Road, Ahmedabad – 380 009, Gujarat, India |
Website Details
Attached:
About Them:
Subject is a fast growing, privately held Chemicals Trading House based at Ahmedabad, India, & undertakes marketing of various organic & inorganic chemicals to numerous industries in & around India. Follow the links to explore the world of Subject.
Their Mission:
Subject's mission is to be a prime & leading channel partner with the principles and an instrumental supplier & mover of various basic chemicals, solvents, acids, etc. to reputed manufacturer. The motto of our company is to establish ourselves at the acme of chemical business with best CRM practices.
Their Focus:
Subject is focused on serving the industry through various bulk as well as specialised chemicals catering to the needs of pharmaceuticals, agrochemicals, dyes & dye intermediates, polymers & resins, specialty & fine chemicals, paints, inks & pigments, bulk drugs & intermediates, textile & auxiliaries.
With a wide array of product available for a wider market, the customer base served to is considerably varied, with a very strong presence in the major chemicals market of Gujarat & Maharashtra. Subject has branch & liasoning offices strategically located through out India. We have branch offices at Mumbai, Jodhpur (Rajasthan), liasoning offices at Hyderabad, Indore.
To better manage logistics, we have a central storage facility at Ahmedabad,
with total area of more than 7500 square meters, which is equipped with
explosives storage license, licensed & automatic drumming system, up to
date communication facilities. We also have delivery vehicles for short to
medium distance dispatches, and have reliable transport contractors to avail
their immediate services. in addition, we also have ample storage facility at
Mumbai & Jodhpur.
Subject is authorized distributor for many of the reputed Chemicals Manufacturing Groups of India, which are as follows:
|
Name
of Manufacturer |
Product
Range |
|
Deepak Nitrite Ltd. & Aryan Pesticides Ltd. - Baroda |
Nitro Aromatics, Organic Intermediates |
|
SRF Ltd. - New Delhi |
Chloromethanes |
|
Balaji Amines Ltd. - Solapur |
Ethyl & Methyl Amines & Derivatives |
|
Tanfac Ltd. - Cuddalore |
Fluorochemicals, HF, DHF |
|
Indian Rayon & Industries Ltd. - Veraval |
Chlor-Alkali & CS2 |
|
Navin Fluorine Industries Ltd. - Surat |
Fluorochemicals, HF, DHF |
|
Bihar Caustic & Chemicals Ltd. - Garhwa, Jharkhand |
Chlor-Alkali |
|
Sree Rayalaseema Alkalies & Allied Chemicals Ltd. - Kurnool |
Caustic Potash Flakes |
|
Salema Chemicals Pvt. Ltd. - Mumbai |
Specialty Chemicals |
|
DCW Ltd. |
Chlorinated Solvents & Others |
|
Intas Pharmaceuticals Ltd. |
Formulations |
Products:
Subject deals in basic raw
materials, industrial chemicals, specialty & fine chemicals for various
industries like pharmaceuticals, agrochemicals, dyes & dye intermediates,
etc.
Organic intermediates include both
aliphatic & aromatic compounds used by the pharmaceuticals, agrochemicals,
dyes & dye intermediates, etc. industry in bulk as well as drum packing.
Organic Solvents include
chlorinated solvents, Alcohols, hydrocarbons, etc., essential to agrochemicals,
pharmaceuticals, textiles, etc. industry, available in bulk quantity and drum
packing.
Bulk Drugs / Drug
Intermediates
Bulk drugs include specialty as
well as OTC & Generic products for formulations.
Inorganic Intermediates and Basic Chemicals:
Inorganic
intermediates & Basic Chemicals include commodity & industrial
chemicals like Chloral-Alkali, Metal Salts, etc.
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. 39.85 |
|
UK Pound |
1 |
Rs. 82.61 |
|
Euro |
1 |
Rs. 59.21 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
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 |
|
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 |
|