MIRA
INFORM REPORT
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Report Date : |
11.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
ABHILASH CHEMICALS PRIVATE LIMITED |
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Registered Office : |
26 D, Ganesa Puram K. Pudur, Madurai 625007, Tamilnadu, India |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
03.03.1994 |
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Com. Reg. No.: |
18-26936 |
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CIN No.: [Company
Identification No.] |
U24294TN1994PTC026936 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MRIA00308A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers, Exporter and Importer of Speciality
Chemicals - High Performing Chemicals for the Leather, Textile, Coating and
Pharmaceutical Industries. |
RATING &
COMMENTS
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MIRAs 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 230000 |
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Status : |
Good |
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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 having satisfactory track. Directors are reported as experienced and respectable businessmen. Their trade relations are reported as fair. Business is active. Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Balasubraminan |
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Designation : |
Export Manager |
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Date : |
09.07.2008 |
LOCATIONS
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Registered Office : |
26 D, Ganesapuram K. Pudur, Madurai 625007, Tamilnadu, India |
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Tel. No.: |
91-452-2569286/ 9566 |
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Fax No.: |
91-452-2567663 |
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E-Mail : |
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Website : |
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Location : |
Rented |
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Factory : |
34/6A, Nayakanpatty Village, Madurai, North, Taluka, Madurai |
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Location : |
Owned |
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Chennai Office : |
No:19, 13th Cross
st, New Colony Chrompet, Chennai -
600044, Tamil Nadu, INDIA |
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Tel No.: |
91-44-22387256/
22384192 |
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Fax No.: |
91-44-22510556 |
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Email : |
DIRECTORS
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Name : |
Mr. P. Laxminarayan |
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Designation : |
Director |
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Address : |
26 D, Ganesapuram K. Pudur, Madurai 625007, Tamilnadu, India |
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Date of Birth/Age : |
31.12.1954 |
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Qualifications : |
Graduate |
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Date of Appointment : |
03.03.1994 |
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Name : |
Mr. S. Ramesh |
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Designation : |
Director |
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Address : |
26 D, Ganesapuram K. Pudur, Madurai 625007, Tamilnadu, India |
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Date of Birth/Age : |
01.06.1961 |
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Qualifications : |
Graduate |
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Date of Appointment : |
03.03.1994 |
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Name : |
Mr. Abhilash Narayanan |
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Designation : |
Director |
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Date of Birth/Age : |
24 years |
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Qualifications : |
Engineer |
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Date of Appointment : |
31.01.2006 |
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Name : |
Mr. P. Balasubramaniam |
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Designation : |
Director |
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Address : |
26 D, Ganesapuram K. Pudur, Madurai 625007, Tamilnadu, India |
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Date of Birth/Age : |
08.02.1950 |
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Date of Appointment : |
31.01.2006 |
KEY EXECUTIVES
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Name : |
D. Sivasubramanian |
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Designation : |
Company Secretary |
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Address : |
Plot No. C- 234 Kamarajar Street, 7th Stop Thirunagar, Madurai 625006, India |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
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Names of Shareholders |
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No. of Shares |
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P. Lakshmi Narayanan |
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4800 |
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Mr. P. Balasubramaniam |
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1700 |
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Mr. S. Ramesh |
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1350 |
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Mr. L. Rajeswari |
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3150 |
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Total |
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11000 |
(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 : |
Manufacturers, Exporter and Importer of Speciality Chemicals
- High Performing Chemicals for the Leather, Textile, Coating and
Pharmaceutical Industries. |
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Products : |
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Exports : |
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Products : |
All Products |
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Countries : |
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Imports : |
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Products : |
Raw Materials Chemical |
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Countries : |
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Terms : |
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Selling : |
Credit (90 days) |
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Purchasing : |
L/C |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
70 |
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Bankers : |
Alagarkovil Main Road, K. Pudur, Madurai- 625007,
Tamilnadu, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
P. V. Rajrajeshwaran Chartered Accountant |
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Address : |
193, Palace Road, Madurai 625001, India |
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Associates/Subsidiaries : |
Abhishek
Polymers 26 D, Ganesa Puram K. Pudur, Madurai 625007, Tamilnadu, India (Manufacturer, Exporter and Importer of Pharmaceuticals Products and
Leather Chemicals) Abhi Industries Madurai (Manufacturing of Textile Chemcals) |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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25000 |
Equity Shares |
Rs.100/- each |
Rs.2.500 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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11000 |
Equity Shares |
Rs.100/- each |
Rs.1.100 millions |
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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 |
1.100 |
1.100 |
1.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
45.781 |
38.850 |
32.740 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
46.881 |
39.950 |
33.840 |
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LOAN FUNDS |
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1] Secured Loans |
13.611 |
14.700 |
11.496 |
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2] Unsecured Loans |
55.915 |
49.916 |
31.736 |
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TOTAL BORROWING |
69.526 |
64.616 |
43.232 |
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DEFERRED TAX LIABILITIES |
0.622 |
0.341 |
0.268 |
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TOTAL |
117.029 |
104.907 |
77.340 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
22.899 |
19.637 |
18.446 |
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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 |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
20.236 |
14.439 |
10.717 |
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Sundry Debtors |
154.053 |
150.143 |
112.525 |
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Cash & Bank Balances |
2.295 |
1.222 |
1.243 |
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Other Current Assets |
0.153 |
0.149 |
0.126 |
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Loans & Advances |
10.469 |
8.581 |
3.842 |
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Total
Current Assets |
187.206 |
174.534 |
128.453 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
93.076 |
89.264 |
66.883 |
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Provisions |
0.000 |
0.000 |
2.676 |
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Total
Current Liabilities |
93.076 |
89.264 |
69.559 |
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Net Current Assets |
94.130 |
85.270 |
58.894 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
117.029 |
104.907 |
77.340 |
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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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3.47
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3.85 |
3.33 |
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Current Ratio (Current Asset/Current Liability) |
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2.01
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1.95 |
1.85 |
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference:
- Ninexiaxing Ping Fine Chemicals, China
- Ninexiaxing Meng Technology and Trading Company Limited, China
- L. G. Chem Limited, Korea
Form 8:
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Name of the company |
ABHILASH CHEMICALS PRIVATE LIMITED |
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Presented By |
Mr. P. Laxminarayan, Managing Director |
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1) Date and description of instrument creating the change |
11.02.2005 Hypothecation Agreement
of Goods and Book Debts (for DALC/ DPG/
Guarantee) of Canara Bank, K-Pudur Branch, Madurai 625007 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.7.500 Millions |
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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 |
Raw Materials for
Manufacture chemicals used in textile and leather processing industries and
raw materials for manufacturer pharma drugs. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Vide copy of
hypothecation Agreement of Goods and Book Debts (for DALC/ DPG/ Guarantee)
Dated 11.02.2005 in enclosed. |
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5) Name and Address and description of the person entitled to the charge. |
Canara Bank, K-Pudur Branch,
Madurai 625007, India |
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6) Date and brief description of instrument modifying the charge |
NA |
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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 |
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Corporate
identity number of the company |
U24294TN1994PTC026936 |
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Name of the
company |
ABHILASH CHEMICALS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
26 D, Ganesa Puram K. Pudur, Madurai 625007, Tamilnadu, India |
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This form is for |
Modification of charge |
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Type of charge |
Book Debts Raw Materials |
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Particular of
charge holder |
Canara Bank Alagar Kovil Main
Road, K. Pudur, Madurai 625007, Tamilnadu, India |
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Nature of
instrument creating charge |
Hypothecation
agreement of Goods and Book Debts |
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Date of
instrument Creating the charge |
22.12.207 |
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Amount secured by
the charge |
Rs.12.500
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of
Interests: Interests Rate @
12.25% pa. Terms of
Repayment: FLC DP and DA
Terms Margin: For FLC 10% For DA/DP 25% Extent and
Operation of The charge: First charge on
raw materials for Manufacture chemicals used in textile and leather processing
industries and raw materials for manufacturer pharma drugs. |
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Particulars of
the property charged |
Raw Materials for
Manufacture chemicals used in textile and leather processing industries and
raw materials for manufacturer pharma drugs. |
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Particulars of
the present modification |
FLC (DA/DP) Limit
Rs.7.500 Millions is enhanced to Rs.12.500 Millions |
Website Details
Profile:
Subject have always put the customer at the center of their business
model and what they offer are not just chemical products, but a whole package -
in terms of high performance products, service and support - all rolled
together into one competitive offering, which will add value to both their
enterprises.
The past few years have seen a lot of turbulence in the
domestic specialty chemical industry, driven by a host of factors. But they
have gone from strength to strength in terms of strong bottom line growth,
improving their existing product range and exploring new avenues for the
future.
Two key aspects of their business model - Manufacturing infrastructure and strengthening business relationships have been given a lot of attention and will continue to power them into the future.
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 Intl
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 companys 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
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Indian Rupees |
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US Dollar |
1 |
Rs.43.16 |
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UK Pound |
1 |
Rs.85.51 |
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Euro |
1 |
Rs.67.95 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
YES |
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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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54 |
This score serves as a reference to assess SCs 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 |
|
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 |
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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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