MIRA
INFORM REPORT
|
Report Date : |
14.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
BROADWAYS CHEMTECH PRIVATE LIMITED |
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Registered Office : |
A-316/317, Kanara Business Centre, Laxmi Nagar, Ghatkopar (East),
Mumbai – 400 075, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
18.09.2002 |
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Com. Reg. No.: |
137250 |
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CIN No.: [Company
Identification No.] |
U51430MH2002PTC137250 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMB11015E |
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PAN No.: [Permanent
Account No.] |
AACCB0635M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is a Speciality Chemicals Marketing Company. |
RATING &
COMMENTS
|
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 40000 |
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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 having satisfactory
track. Directors are reported as experienced and respectable businessmen.
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. |
LOCATIONS
|
Registered Office : |
A-316/317, Kanara Business Centre, Laxmi Nagar, Ghatkopar (East), Mumbai
– 400 075, Maharashtra, India |
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Tel. No.: |
91-22-25006800 |
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Fax No.: |
91-22-25006810 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Himmatlal Jaysukh Shah |
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Designation : |
Director |
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Address : |
1104-A, 11th Floor, Adinath Tower, Sudha park, Near Eastern
Express Highway, Ghatkopar (East), Mumbai – 400 077, Maharashtra, India |
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Date of Birth/Age : |
21.08.1945 |
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Date of Appointment : |
17.10.2002 |
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Name : |
Mr. Jaysukh Jignesh Shah |
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Designation : |
Director |
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Address : |
1104-A, 11th Floor, Adinath Tower, Sudha park, Near Eastern
Express Highway, Ghatkopar (East), Mumbai – 400 077, Maharashtra, India |
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Date of Birth/Age : |
29.09.1975 |
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Date of Appointment : |
17.10.2002 |
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Name : |
Mr. Chirag Jaysukhlal Shah |
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Designation : |
Independent Director |
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Address : |
1104-A, 11th Floor, Adinath Tower, Sudha park, Near Eastern
Express Highway, Ghatkopar (East), Mumbai – 400 077, Maharashtra, India |
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Date of Birth/Age : |
28.06.1978 |
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Date of Appointment : |
01.11.2005 |
KEY EXECUTIVES
|
Name : |
Mr. Prashant Marathe |
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Designation : |
Marketing Executive |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Jignesh Shah |
|
500 |
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Mr. Jaysukh Shah |
|
500 |
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Mr. Anantrai Shah |
|
10 |
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Mrs. Bhanumati Shah |
|
10 |
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Mrs. Chandravati Shah |
|
10 |
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Mrs.Chandrika Shah |
|
10 |
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Mrs. Divya Shah |
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10 |
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Mr. Himmatlal Shah |
|
10 |
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Mr. Himmatlal Shah – HUF |
|
10 |
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Mr. Jaysukh Shah – HUF |
|
10 |
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Mrs. Kokila Shah |
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10 |
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Mrs. Nirmala Shah |
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10 |
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Mr. Pravinchandra Shah |
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10 |
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Mrs. Priti Shah |
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10 |
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Mrs. Sangeeta Shah |
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10 |
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Surendrakumar and Bros. |
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10 |
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Mr. Chirag Shah |
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10 |
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Category |
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Percentage
of Holding |
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Directors or relatives of directors |
|
99.20 |
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Other top fifty (50) shareholders (other than listed above) |
|
0.80 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is a Speciality Chemicals Marketing Company. |
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Products : |
v Lignosulfonates v Elotex
Redispersible Powder Polymers v Walocel
Cellulose Ethers v Arbocel Natural
Fibers v Elotex SEAL 80 v Alkox
Polyethleneoxides v Sodium
Lignosulfonates (Novibond) v Redispersible
Powder Polumer (Elotex) v Wood Pulp Fibres
(Arbocel) v Iron Oxide
Pigments (Ferrotint) v Paint Additives
(Edaplan) v Powder Defoamers
(Agitan) v Dispersing and
Wetting Agents (Metolat) |
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Agencies Held : |
v LA Rochette
Venizel, France v ICI India Limited
/ Elotex , Switzerland v Cathay Piaments
, China v J. Retienmaier
Sohne, Germany |
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Imports : |
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Products : |
v Sodium
Lignosulfonates v Redispersible
Powder Polymer v Wood Pulp Fibres |
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Countries : |
v France v Germany |
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Terms : |
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Selling : |
90 days DA |
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Purchasing : |
90 days |
GENERAL
INFORMATION
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Customers : |
v End Users |
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No. of Employees : |
21 |
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Bankers : |
v Bank of Baroda Ghatkopar (East) Branch,
Rajawadi Road, Ghatkopar (East), Mumbai – 400 077,
Maharashtra, India E-Mail: shirishshetye@gmail.com v HDFC Bank |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Jitendra B. Mehta and Associates (Chartered Accountants) |
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Address : |
D/5, Mahalaxmi Apartment, Cama Lane, Ghatkopar (West), Mumbai – 400
086, Maharashtra, India |
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Associates/Subsidiaries
: |
v Indychem Address:
A-316/317, Kanara Business Centre, Laxmi Nagar, Ghatkoper (East) Mumbai -
400 075, Maharashtra, India Line of Business :
Importer of Chemicals v Broadways
International Address: A-316/317,
Kanara Business Centre, Laxmi Nagar, Ghatkoper (East) 400 075,
Maharashtra, India Line of Business
: Importer of Chemicals |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15000 |
Equity Shares |
Rs. 100.00 each |
Rs. 1.500 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs. 100.00 each |
Rs. 1.000
million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
1.000 |
1.000 |
0.115 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
17.299 |
9.015 |
3.658 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
18.299 |
10.015 |
3.773 |
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LOAN FUNDS |
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1]Secured Loans } Sundry
Loans |
7.934 |
2.217 |
0.000 |
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2] Unsecured Loans |
0.000 |
3.565 |
5.890 |
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TOTAL BORROWING |
7.934 |
5.782 |
5.890 |
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DEFERRED TAX LIABILITIES |
0.028 |
0.050 |
0.102 |
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TOTAL |
26.261 |
15.847 |
9.765 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.717 |
1.605 |
1.822 |
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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 |
0.133 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
10.937 |
7.401 |
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Sundry Debtors |
63.714
|
17.352 |
6.938 |
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Cash & Bank Balances |
|
1.305 |
1.759 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
5.537 |
1.483 |
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Total
Current Assets |
63.714
|
35.131 |
17.581 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
39.311
|
14.214 |
7.131 |
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Provisions |
|
6.685 |
2.521 |
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Total
Current Liabilities |
39.311
|
20.899 |
9.652 |
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Net Current Assets |
24.403
|
14.232 |
7.930 |
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MISCELLANEOUS EXPENSES |
0.008 |
0.011 |
0.013 |
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TOTAL |
26.261 |
15.847 |
9.765 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
167.630 |
106.380 |
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Other Income |
|
0.520 |
0.767 |
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Total Income |
|
168.150 |
107.147 |
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Profit/(Loss) Before Tax |
|
12.704 |
10.287 |
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Provision for Taxation |
|
4.418 |
3.789 |
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Profit/(Loss) After Tax |
|
8.286 |
6.498 |
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Expenditures : |
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Cost of Goods Sold |
|
94.279 |
59.175 |
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Direct Expenses |
|
33.464 |
17.909 |
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Administrative Expenses |
|
3.862 |
2.950 |
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Selling & Distribution overheads |
|
7.875 |
6.913 |
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Compensation to employees |
|
9.193 |
5.292 |
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Rates and Taxes |
|
5.492 |
3.441 |
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Interest expenses |
|
0.814 |
0.721 |
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Payment to Auditors |
|
0.061 |
0.039 |
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Depreciation & Amortization |
|
0.406 |
0.416 |
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Other Expenditure |
|
0.000 |
0.000 |
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Total Expenditure |
|
155.446 |
96.856 |
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KEY RATIOS
|
PARTICULARS |
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|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
4.90 |
6.06 |
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Net Profit Margin (PBT/Sales) |
(%) |
|
7.57 |
9.60 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
19.41 |
28.00 |
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Return on Investment (ROI) (PBT/Networth) |
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|
0.69 |
1.02 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.58 |
2.66 |
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Current Ratio (Current Asset/Current Liability) |
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|
1.62 |
1.68 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
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Name of the company |
BROADWAYS CHEMTECH PRIVATE LIMITED |
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Presented By |
Bank of Baroda Ghatkopar (East) Branch, Rajawadi Road, Ghatkopar (East), Mumbai – 400
077, Maharashtra, India |
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1) Date and description of instrument creating the change |
Composite
Hypothecation Agreement dated 24.09.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 5.000
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 |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The charge is
created to secure Line of credit of Rs. 5.000 millions as follows together
with interest/ commission and margin as state there against:
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5) Name and Address and description of the person entitled to the charge. |
Bank of Baroda Ghatkopar (East) Branch, Rajawadi Road, Ghatkopar (East), Mumbai – 400
077, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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. |
Not Applicable |
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Corporate
identity number (CIN) Foreign company registration number |
U51430MH2002PTC137250 |
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Name of the
Company |
BROADWAYS CHEMTECH PRIVATE LIMITED |
|
Address |
A-316/317, Kanara Business Centre, Laxmi Nagar, Ghatkopar (East),
Mumbai – 400 075, Maharashtra, India |
|
This form is for |
Modification of
charge |
|
Type of Charge |
A charge on v
Book Debts v
Movable
property (not being pledge) |
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Particulars of the
charge holder |
Bank of Baroda Ghatkopar (East) Branch, Rajawadi Road, Ghatkopar (East), Mumbai – 400
077, Maharashtra, India E-Mail: shirishshetye@gmail.com |
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Nature or description
of the instrument(s) creating or modifying the charge |
Composite
Hypothecation Agreement |
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Date of the
instrument creating or modifying the charge |
23.03.2007 |
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Amount secured by
the charge |
Rs. 15.000
millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
(a) Rate of
Interest: BPLR 0.50% (b) Terms of
Repayment: On Demand (c) Margin: 25% on Stock 35% on Book Debts (d) Extent and
operation of the charge: The charge is
created to secure Line of Credit: Cash credit (Hypothecation of Stock and
Book Debts0 – Inland/ Import LC facilities of Rs. 14.000 millions and
Inland/Foreign facility of Rs. 1.000 million aggregating to Rs. 15.000
millions. |
|
Short particulars
of the property charged (including location of the property) |
Stocks, both
present and future and including all stocks of Raw Materials, Work in
Progress, Semi-finished and finished goods such as Chemicals, Packing
materials and stores etc and all the present and future book-debts,
outstanding monies receivable, claims, bills contracts, engagements, and
securities etc. and all the tangible movable machinery and plant and machinery and plane and cranes, boats and
crafts and the vehicles of the Borrower together with pares, tools and
accessories and other movable both present and future. |
|
Particular of the
present modification |
The charge is
created to secure Line of Credit: Cash credit (Hypothecation of Stock and
Book Debts0 – Inland/ Import LC facilities of Rs. 14.000 millions and
Inland/Foreign facility of Rs. 1.000 million. |
Website details attached:
Subject is a Specialty Chemicals Marketing Company registered under The Companies Act,
India. The company is headquartered in Mumbai with its marketing reach
and activities spread across India.
Unlike traditionally run chemical trading companies, subject focuses on working
as Innovative Technology Solution Providers for the Industry. From across the technology
spectrum, they bring in new technology ideas and solutions for their customers.
They act as a catalyst between the Indian Industry and their principal
companies to build acceptance for such new technical practices and thus,
develop market for the products of the principal companies.
In turn, Indian industry gets benefited with the experience, expertise and
capabilities of the principal supplier companies and thus moves their offerings
to a higher level.
Among their various offerings and initiatives, they have been pioneers in
promoting the concept of Ready-Mixed Modified Mortars in India in the last
5years across the Construction Sector.
They strive to add value, by…
v
Bringing in New Technology and establishing better practices for the
industry
v
Offering Collaborative knowledge of various foreign suppliers.
v
Tailoring India-specific solutions
v
Servicing technically and offering support at customers’ door-step
v
Delivering effectively and promptly
v
Operating flexibly
v
Supporting the customers for successful use of their products
Due to its customer-focused long-term market building strategy, the business
has been growing extremely well year over year.
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. 42.72 |
|
UK Pound |
1 |
Rs. 84.42 |
|
Euro |
1 |
Rs. 67.38 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
NO |
|
--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 |
|