MIRA
INFORM REPORT
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Report Date : |
19.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
AQUAPHARM
CHEMICALS COMPANY PRIVATE LIMITED |
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Registered Office : |
S-113/2, MIDC,
Bhosari, Pune-411026, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
02.03.1974 |
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Com. Reg. No.: |
11-17243 |
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CIN No.: [Company
Identification No.] |
U24231MH1974PTC017243 |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacturers, Exporters and Importers of Water treatment
chemical, Organo-Phosphonates, Polymers and Biocides |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 1200000 |
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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 fine track. Trade relations are fair.
Financial position is good.
Payments are correct and as per commitments. The company is doing well. It can be
considered for good for any normal business dealings at usual trade terms and
conditions. It can be
regarded as a promising business partner in a medium to long – run. |
INFORMATION
DECLAIRED BY
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Name : |
Mr. Abhay Kulkarni |
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Designation : |
Manager in Accountant |
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Date : |
18.07.2008 |
LOCATIONS
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Registered
Office/Factory : |
S-113-2, MIDC,
Bhosari, Pune-411026, Maharashtra, India |
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Tel. No.: |
91-20-27122401/2 |
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Fax No.: |
91-20-27121395 |
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E-Mail : |
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Website : |
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Area : |
800 sq.fts (Owned) |
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Head Office : |
3rd
Floor, Atur Chambers, 2-A Moledina Road , Pune 411001, Maharashtra, India |
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Tel. No.: |
91-20-66090000 |
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Fax No.: |
91-20-26053396 |
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E-Mail : |
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Factory : |
At & Near
Village Pirangut Village, Taluka Mulshi, Pune - 412 108, Maharashtra, India |
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Tel. No.: |
91-2139-22883 /
22792 |
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Fax No.: |
91-2139-22362 |
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Area : |
10665 sq.fts
(owned) |
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Factory : |
K-3 / 1 & 2,
Additional Mahad MIDC Area, Mahad Raigad – 402 302, Maharashtra, India |
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Area : |
53547 sq.fts
(Owned) |
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R & D Office
: |
5-1, MIDC,
Bhosari, Pune – 411020, Maharashtra, India |
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Branches : |
Located at Delhi, Chennai,
Baroda and Kolkata |
DIRECTORS
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Name : |
Mr. Dharmesh V.
Mangwani |
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Designation : |
Director |
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Address : |
303, Sindh
Housing Society, Aundh, Pune – 411 007, Maharashtra |
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Date of
Birth/Age : |
16th
April, 1963 |
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Date of
Appointment : |
28th
October, 1999 |
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Name : |
Mr. Nitin Raoji
Bhai Desai |
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Designation : |
Chairman |
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Address : |
457, Sindh Housing
Society, Aundh, Pune – 411 007, Maharashtra |
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Date of
Birth/Age : |
01st
November, 1943 |
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Date of
Appointment : |
30th
August, 1980 |
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Name : |
Mr. Vishnu K.
Mangwani |
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Designation : |
Managing Director |
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Address : |
242, Sindh Housing
Society, Aundh, Pune – 411 007, Maharashtra |
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Date of
Birth/Age : |
01st
July, 1933 |
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Date of
Appointment : |
02nd
March, 1974 |
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Name : |
Mr. Nathubhai H.
Desai |
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Designation : |
Director |
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Address : |
Ami 4, Purnaprasad
Extension, Race Course, Bangalore – 560 001, Karnataka |
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Date of
Birth/Age : |
13th
July, 1925 |
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Date of
Appointment : |
30th
August, 1980 |
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Name : |
Mrs. Vimal V.
Mangwani |
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Designation : |
Director |
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Address : |
303, Sindh Housing
Society, Aundh, Pune – 411 007, Maharashtra |
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Date of
Birth/Age : |
13th
September, 1956 |
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Date of
Appointment : |
11th
November, 1991 |
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Name : |
Mr. Sanjay J.
Desai |
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Designation : |
Director |
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Address : |
14, Dr. Koyaji Road,
Pune –411 001, Maharashtra |
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Date of
Birth/Age : |
08th
May, 1960 |
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Date of
Appointment : |
28th
December, 1998 |
KEY EXECUTIVES
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Name : |
Mr. D Subramanian Padmanbhan |
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Designation : |
Company Secretary |
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Address : |
30, Vishrambagh Society, Senapati Bapat Road, Pune – 411016,
Maharashtra, India |
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Date of
Birth/Age : |
1st September, 1939 |
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Date of
Appointment : |
14th September, 2005 |
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Name : |
Mr. Kailas Prajot |
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Designation : |
Secretary |
SHAREHOLDING
PATTERN
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Bodies corporate |
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2.00 |
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Directors or relatives of directors |
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98.00 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers, Exporters and Importers of Water treatment
chemical, Organo-Phosphonates, Polymers and Biocides |
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Products : |
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Exports : |
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Countries : |
Mexico, Japan,
USA, Europe and South east Asia |
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Imports : |
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Countries : |
U.S.A., Germany,
Korea, France and China |
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Terms : |
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Purchasing : |
L/C |
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Selling : |
L/C |
PRODUCTION STATUS
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Particulars |
Unit |
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Installed
Capacity |
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Organophosphonates |
MT |
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22370 |
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Formulation |
MT |
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3000 |
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Dispersants &
Biocides |
MT |
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3740 |
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Desalting Kits |
Nos. |
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-- |
GENERAL
INFORMATION
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Customers : |
Wholesaler |
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No. of Employees : |
About 400 |
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Bankers : |
v The Cosmos Co-operative Urban Bank
Limited, 269/270, Saniwar Peth, Laxmi Road Branch, Pune - 411 030,
Maharashtra, India v Corporation Bank, Industrial Finance
Branch, Wakadewadi, Mumbai – Pune, Pune – 411003 v State Bank of India, IFB branch |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Khandelwal Jain and Associates Chartered Accountants |
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Address : |
1st Floor, Alankar Cinema
Building, Near Pune Station, Pune – 411 001, Maharashtra |
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Memberships : |
·
Fertiliser
Association of India ·
Mahratta
Chamber of Commerce and Industry ·
Basic
Chemicals, Pharmaceuticals and Cosmetics Export promotion Council. |
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Associates Company : |
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Subsidiaries : |
CIN No. : U72200PN2000PTC014910 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
500,000 |
Equity Shares |
Rs. 100/- each |
Rs. 50.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
300,000 |
Equity Shares |
Rs. 100/- each |
Rs. 30.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2008 |
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Sales Turnover |
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1250.000 |
Expected Sales (2008-09) : Rs.1400.000 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 |
30.000 |
10.000 |
10.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
279.605 |
213.772 |
211.457 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
309.605 |
223.772 |
221.457 |
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LOAN FUNDS |
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1] Secured Loans |
141.253 |
186.423 |
167.563 |
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2] Unsecured Loans |
171.558 |
201.793 |
146.469 |
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TOTAL BORROWING |
312.811 |
388.216 |
314.032 |
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DEFERRED TAX LIABILITIES |
15.683 |
5.242 |
13.479 |
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TOTAL |
638.099 |
617.230 |
548.968 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
323.972 |
339.926 |
311.640 |
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Capital work-in-progress |
4.590 |
4.670 |
10.625 |
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INVESTMENT |
0.873 |
0.883 |
23.066 |
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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 |
139.982
|
104.353 |
115.669 |
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Sundry Debtors |
315.772
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283.417 |
191.886 |
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Cash & Bank Balances |
19.902
|
14.454 |
12.539 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
81.855
|
47.709 |
30.144 |
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Total
Current Assets |
557.511
|
449.933 |
350.238 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
243.115
|
174.066 |
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Provisions |
5.732
|
4.116 |
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Total
Current Liabilities |
248.847
|
178.182 |
146.601 |
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Net Current Assets |
308.664
|
271.751 |
203.637 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
638.099 |
617.230 |
548.968 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover including Other Income |
1208.061 |
735.253 |
636.404 |
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Total Income |
1208.061 |
735.253 |
636.404 |
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Profit/(Loss) Before Tax |
122.015 |
[3.536] |
48.785 |
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Provision for Taxation |
13.378 |
[6.861] |
4.498 |
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Profit/(Loss) After Tax |
108.637 |
3.325 |
44.287 |
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Earnings in Foreign Currency : |
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Total Earnings |
801.087 |
476.494 |
468.982 |
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Imports : |
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Total Imports |
455.681 |
315.222 |
289.816 |
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Expenditures : |
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Total Expenditure |
1086.046 |
738.789 |
607.711 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
8.99
|
0.45 |
6.95 |
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Net Profit Margin (PBT/Sales) |
(%) |
10.10
|
[0.48] |
7.66 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
13.84
|
[0.45] |
7.37 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.39
|
[0.02] |
0.22 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.81
|
2.53 |
2.08 |
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Current Ratio (Current Asset/Current Liability) |
|
2.24
|
2.53 |
2.38 |
LOCAL AGENCY
FURTHER INFORMATION
Trade reference
BSF Chemical – New
Bombay
Charim Chemical –
New Bombai
The company was
incorporated on 2nd March 1974 at Pune in Maharashtra having Company
Registration Number 17243.
It was subsequently
converted into a Private Limited Company.
In 1977, the company was incorporated with the primary objective of
manufacturing ‘Desalting Kits’ for the Indian Armed Forces.
BUSINESS
Subject acts as
manufacturer, trader, dealer, importer and exporter.
It is engaged to
carry on the business of manufacturing of and dealers in ion exchange resins, designers,
fabricators, manufacturers, contractors and dealers in water treatment
machinery equipments and plants, chemicals, electricals, photographical and
textile machinery equipments and plants, industrial and scientific apparatus
and materials, process and design engineers and without limiting the generality
of the foregoing in particular as process and design engineers for softening, purification or other treatment of water for industrial, domestic
and other purposes and prevention of scale in boilers, based on ion exchange
resins.
The company
expanded product range to include Organophosphonates, Formulation, Dispersants,
Biocides and Desalting Kits.
The company has
awarded ISO 9002 certification.
Generic names of
principal products / services are :-
·
Organo
Phosphates
·
Dispersants
and Biocides
Fixed Assets
Freehold and
Leasehold Land
Building
Plant and Machinery
Vehicles
Furniture and
Fixtures
Office Equipments
All the company’s
products have been developed in-house and there is an on going process of
improvement in the existing products.
The company is in
trade terms with :
v
Albemark International Corporation
451, Florida Street, Baten Ronge, USA
Tel. 001 65 7396311 / 7374155
v Elf Ato Chem
La Defence, 10 Cedex 42, 92091 Paris
La Defences, France
v L. G. International Corporation
L. G. Twin Towers 20, Yoido – Dona, Younqdunqpo – GU, Seoul, Korea
Tel. 011 6959484 / 6959037
v Carbotech
Aktive Kohleh GmbH, Ellsenstrasse, 119, Post Fach 13014, O.D. 45139,
Essen – Germany
v Buckman Laboratories S.A. de C.V. Mexico
Carr. Prd. Cnau Ha Km. Col. Progresso, Jiutepec, Morels, CP 62550, RFC
BLA 630829 D 27, Mexico
Contract Person: Mr. Junn Mannas Garlia Phrdo
Tel. 0052 73 213131
Fax . 0052 73 213130
v Buckman Laboratories K. K.
7-16, Ninanbashi – Kodenma – Cho, Chu-Kn., Tokyo, 103, Japan
Contract Person: Mr. Tojiro Isono
Tel. 0081 33808 1199
Fax. 0081 33808 1590
v Verichem
3499, Grand Avesine, Pittsburgh, P. A. 15225, USA
Contract Person: Mr. Pnul Merioye
Tel. 001 412331 7299
Fax. 001 412331 7884
Bankers Charges
Report as per Registry
|
Name of the company |
AQUAPHARM CHEMICALS COMPANY
PRIVATE LIMITED |
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Presented
By |
CORPORATION BANK, NO. 14, PUNE – MUMBAI
ROAD, WAKDEWADI, PUNE - 411003 |
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1) Date and description of instrument
creating the change |
Common Deed of hypothecation of
movables/assets/debts dated 28.08.2002 Memorandum of deposit of title deeds dated
28.08.2002 Both the above documents constitute a single
charge dated 28.08.2002 |
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2) Amount secured by the charge/amount owing
on the securities of charge |
Foreign currency term loan [FCTL] USD 2200000.00 [equivalent to Indian Rupees 110000000/-] Sub Limit under FCTL [Import LC [DA/DP] – Rs. 20 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 |
First charge in favour of Corporation Bank
No. 14, Pune – Mumbai Road, Wakdewadi, Pune – 411003 by way of hypothecation
of both present and future movables such as plant and machinery, equipment,
accessories/ancillary, machines, spares, ACL distillation piping and other
installations, furniture, fixtures and fittings, appliances, generators and
other electrical installations, office equipment, etc procured / to be
procured and stores situated at plot no. K-3/1 K-3/2 and OS -4, at MIDC
Mahad, Pune or at any other place [s] to be intimated by the company to the
bank from time to time Equitable mortgage by means of first charge
on the following properties : a. all other piece and parcel of land
bearing no. K-3/1 and K-3/2 and building constructed / to be constructed
thereon in additional mahad industrial area within the limits of village –
kalij outside the limits of municipal council, taluka mahad district raigad
admeasuring 53547 square meters and bounded by Towards North : by MIDC Road Towards South : by Plot no. K – 5 Towards West : by plot no. K – 3/3 Towards East : by open space no. 4 b. All that piece and parcel of land bearing
no. OS – 4 additional mahad industrial areas, within the limits of village
kalij taluka mahad, district raigad bounded by Towards North : by MIDC Road Towards South : by MIDC Boundry Towards West : by plot no. K – 3/1 and K –
3/2 Towards East : by MIDC Boundry |
|
4) Gist of the terms and conditions and
extent and operation of the charge. |
Rate of interest
: Floating rate of
1.25% p.a. over and above London Inter Bank Offered Rate [LIBOR] for US dollars
compounded with monthly/quarterly rests for value receipt or at such lending
rate that the bank may determine to charge from time to time in terms of the
directives of RBI or otherwise at its discretion and also so long as the
principal or part thereof remains unpaid For Import LC :
commission of banks prescribed rates Repayment :
repayable in 16 quarterly installments of $ 0.1375 million each [equivalent
to Indian Rupees 6.875 millions] commencing 30.06.2003 and ending 31.03.2007.
Interest to be paid as and when debited |
|
5) Name and Address and description of the
person entitled to the charge. |
Corporation Bank,
No. 14, Pune Mumbai Road, Wakdewadi, Pune – 411003 |
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6) Date
and brief description of instrument modifying the charge |
Second Supplemental Common Deed of
Hypothecation of Movables/Assets/Debts dated 16.05.2005 |
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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. |
Past Modification By the first modification dated 25.08.2003
the charge was modified as under
rate of interest : 12.75% p.a. being 50%
over and banks prime lending rate which is 12.25% p.a. as at present, raising
or falling with the banks PLR or at such lending rate that the bank may
determine to charge from time to time and also so long as the principal or
part thereof remains unpaid. Interest
shall be paid as and when debited Present modification By the present modification, being second
modification dated 16.05.2005, the charge has been modified as under : i.
the term loand limit has been increased from
Rs. 130 millions to Rs. 165 millions against continuation and extension of
charge on moveable assets as detailed in the original deed of hypothecation
dated 28.08.2002 and as specifically described in the present supplemental
deed dated 16.05.2005 as under continuing first charge by way of
hypothecation of movables such as plant and machinery, equipments,
accessories, ancillary machines, spares, ACL distillation piping and other
installations, spray driers, incinerators, lab R&D equipments, furniture,
fixtures and fittings, appliances, generators, and other electrical
installtions, office equipment etc already procured / to be procured and
stored/situated/lying at plot no. K-3/1, K-3/2 and OS -4 at MIDC Mahad, Pune
or at any other place [s] to be intimated by the company to the bank from
time to time and charge on immoveable property created on 28.08.2002 shall
cover the enhanced limit of Rs. 165 millions the rate of interest has been revised as
under : Rate of interest : 11% p.a. [i.e. COBAR
10.50% + 0.50% of term premium p.a.] at present, rising or falling with the
Bank’s PLR or at such Lending rate that the bank may determine to charge from
time to time and also so long as the principal or part thereof remains
unpaid. |
|
Name of the company |
AQUAPHARM CHEMICALS COMPANY
PRIVATE LIMITED |
|
Presented
By |
The Cosmos Co-operative Bank Limited 269/270, Shaniwar Peth, Pune – 411030 |
|
1) Date and description of instrument
creating the change |
Date 31.01.2005 Description : Hypothecation of Tangible
Goods / Movable Property |
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2) Amount secured by the charge/amount owing
on the securities of charge |
Rs. 40 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 |
Imported raw material |
|
4) Gist of the terms and conditions and
extent and operation of the charge. |
Commission as per
Fedal rules |
|
5) Name and Address and description of the person
entitled to the charge. |
The Cosmos Co-operative Bank Limited 269/270, Shaniwar
Peth, Pune – 411030, Laxmi Road Branch |
|
6) Date
and brief description of instrument modifying the charge |
N.A. |
|
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. |
N.A. |
|
Name of the company |
AQUAPHARM CHEMICALS COMPANY
PRIVATE LIMITED |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Presented
By |
CORPORATION BANK, NO. 14, PUNE – MUMBAI
ROAD, WAKDEWADI, PUNE – 411003 |
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1) Date and description of instrument
creating the change |
i. Joint Deed of hypothecation of dated
23.10.2002 ii. Deed of Simple Mortgage dated 23.10.2002 both the above documents constitute a single
charge dated 23.10.2002 |
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2) Amount secured by the charge/amount owing
on the securities of charge |
Joint Deed of Hypothecation – Rs. 107
millions Deed of Simple Mortgage – Rs. 214 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 |
First charge in favour of Corporation Bank,
and Cosmos Co-operative Bank Limited on company’s assets mentioned below : 1. SIMPLE MORTGAGE OF : a. all that piece and parcel of land at plot
no. S – 1 in the Pimpri Industrial area, within the village limits of Bhosari
and within the limits of Pimpri Chinchwad Municipal Corporation, Taluka and
registration sub district Haveli and Registration District Pune, Admeasuring
800 sq. mtrs. Bounded by : Towards North : by plot no. 2 Towards South : by Road Towards East : by plot no. 34 Towards West : by Road b. all that piece and parcel of land at plot
no. 113/2 in the Pimpri Industrial area, within the village limits of Bhosari
and within the limits of Pimpri Chinchwadi Municipal Corporation, Taluka and
registration sub district Haveli and registration district pune, admeasuring
1499 sq. mtrs bounded by : Towards North : by estate Road Towards South : plot no. 113 part Towards East : by MIDC Road 15 M Towards West : by Plot no. 113/1 c. all that piece and parcel of land
admeasuring 17 ares at gat no. 386 of revenue village Pirangut, Taluka –
Maval, registration sub district paud and registration district and district
pune and included in the Pune Municipal Corporation and bounded by : Towards North : Gat No. 384 Towards South : Gat No. 389 Towards East : Gat No. 387 Towards West : Gat No. 387 2. all that piece and parcel of land
admeasuring 31 ares at Gat No. 387 of revenue village Pirangul, Taluka –
Maval, registration sub district Paud and registration district and district
– pune and included in the Pune Municipal Corporation and bounded by: Towards North : Gat No. 384 and 387 Towards South : Gat No. 389 Towards East : Gat No. 386 Towards West : Gat No. 388 3. all that piece and parcel of land bearing
plot no. 1, admeasuring 10655 sq. mtrs. Out of the sanctioned lay out of Gat
No. 349-351, 357, 359-363 and 365AB to 367 bounded Towards North : Pune – Paud Highway Towards South : Gat No. 388 Towards East : Gat No. 384 Towards West : Plot no. 364 and 40 colony
road II. Hypothecation of :
|
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|
4) Gist of the terms and conditions and
extent and operation of the charge. |
The borrower has
been sanctioned credit facilities by the charge holders as under :
[Rupees in Millions]
2. Particulars of
Interest and Commission
Plus service
charges as are applicable to the said credit facilities from time to time.
Amount secured by
charge by way of hypothecation of company’s assets described in item 3 [II]
above in favour of Corporation Bank and Cosmos Co-operative Bank is Rs. 107
millions |
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|
5) Name and Address and description of the
person entitled to the charge. |
Corporation Bank,
No. 14, Pune – Mumbai Road, Wakdewadi, Pune – 411003 Cosmos Co-operative
Bank Limited, Laxmi Road Branch, Pune – 411030 |
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|
6) Date
and brief description of instrument modifying the charge |
i. First supplemental joint deed of
hypothecation dated 29.08.2003 ii. continuity letter dated 29.08.2003 |
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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. |
By the present modification being the first
modification by way of first supplemental joint deed of hypothecation dated
29.08.2003 and continuity letter dated 29.08.2003 the charge has been
modified as under :
ii. The rate of interest has been revised as
under :
Plus service charges as are applicable to
the said credit facilities from time to time. Iii] all the following properties charged in
favour of chargeholder as evidenced by Deed of Simple mortgage dated
23.10.2002 will be held as continuing security for the enhanced credit
facilities of Rs. 128 millions
2. all that piece
and parcel of land admeasuring 31 ares at Gat No. 387 of
revenue village – pirangut, taluka maval,
registration sub district paud and
registration district and district pune and included
in the pune municipal corporation
|
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|
Name of the company |
AQUAPHARM CHEMICALS COMPANY
PRIVATE LIMITED |
|
Presented
By |
CORPORATION BANK, NO. 14, PUNE – MUMBAI
ROAD, WAKDEWADI, PUNE – 411003 |
|
1) Date and description of instrument
creating the change |
Common deed of hypothecation of
movables/assets/debts dated 31.12.2003 in favour of Corporation Bank, No. 14,
Pune – Mumbai Road, Wakdewadi, Pune – 411003 |
|
2) Amount secured by the charge/amount owing
on the securities of charge |
Rs. 5 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 |
Hypothecation of raw materials, stock in
process, semi finished and finished goods, stores and spares, bill
receivables and book debts and all other movables both present and future
kept / to be kept at company’s premises / any other premises pertaining to
company |
|
4) Gist of the terms and conditions and
extent and operation of the charge. |
1. the company
has been sanctioned Adhoc Packing Credit of Rs. 5 millions against security
of the property described in item 3 2. Repayment : On
demand 3. Rate of
Interest : 8% p.a. being 5.5% below Bank’s prime lending rate PLR which is
11.5% p.a. as at present, raising or falling with the banks PLR or at such
lending rate that the bank may determine to charge from time to time and also
so long as the principal or part thereof remains unpaid |
|
5) Name and Address and description of the
person entitled to the charge. |
Corporation Bank,
No. 14, Pune – Mumbai Road, Wakdewadi, Pune – 411003 |
|
6) Date
and brief description of instrument modifying the charge |
N.A. |
|
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. |
N.A. |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the charge to be modified |
90086206 |
|
Corporate
identity number of the company |
U24231MH2002PTC017243 |
|
Name of the
company |
AQUAPHARM CHEMICALS
COMPANY PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
S-113/2, MIDC,
Bhosari, Pune-411026, Maharashtra |
|
Type of charge |
|
|
Particular of
charge holder |
Corporation Bank,
Industrial Finance Branch, Wakadewadi, Mumbai – Pune, Pune – 411003 |
|
Nature of
description of the instrument creating or modifying the charge |
Fourth supplemental
working capital consortium agreement dated 16.03.2007 |
|
Date of
instrument Creating the charge |
16.03.2007 |
|
Amount secured by
the charge |
Rs. 640.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Corporation Bank
: CC @ 12.50 % p.a. revisable ; PCL/FDBD/P/N : at prescribed rates pre- and
post shipment in foreign currency : LIBOR + 1.0 %, Commission for Import /
Inland LC 50 % and for Bank Guarantee 0.75 % p.a. Terms of
repayment Corporation Bank
: Repayment of CC terms ; Each PC to be closed out of proceeds of export
bills The Cosmos
Co-operative Bank Limited : CC Repayable on demand subject to review; Packing
credit an bank guarantee will stand withdrawn after liquidation of existing
liabilities. SBI : EPC/PCFC
and EBD/EBR – Subject to renewal / review Margin Corporation Bank
: For CC Stock and Book debts 25 %; Packing credit 10 % of order / LC Nil,
Cash margin for Inland LC Nil Import : LC for capital goods 25 % ; bank
Guarantee Nil Extent operation
of the charge Pari Passu charge
as between the consortium members to be extent of dues, interest, penal
interest and other charges. Others All the terms and
conditions of the consortium finance as stipulated in the sanction letters of
the respective charge holders and the instruments creating the charge and
future modifications with the consent and agreement of consortium members
shall be applicable. |
|
Short particulars
of the property charged |
First charge by
way of hypothecation of movable fixed assets such as plant and machinery,
equipments, accessories / ancillary machines, spares, furniture, fixture and fittings,
generators and other electrical installations etc already procured / to be
procured and stored / situated lying at its factories / godowns on the pari
passu basis with other member banks. |
|
Date of latest
modification prior to the present modification |
04.12.2006 |
|
Particulars of
the present modification |
By present
modification the secured by the charge has been increased from Rs. 461.900
Millions to Rs. 640.000 Millions |
AS PER WEBSITE
Profile
- Aquapharm is the
largest manufacturer of Phosphonates in India.
- State of the
art DCS controlled plant at Mahad, India about 150 Kms. from India's
leading port, Mumbai.
- Clients
include leading multinationals in India, U.S.A., Europe, Japan, Latin
America, SE Asia and Australia in the fields of Water Treatment, Soaps and
Detergents, Textile Auxiliaries, Oil Fields and many others.
- Distributor
network in U.S.A., Europe, South Africa, Turkey, Japan and Indonesia with
sales representatives in U.S.A. and Europe.
- Tie up with multinational
forwarding agencies to provide an Integrated Supply Chain Solution.
History
- Incorporated
in 1977 with the primary objective of manufacturing 'Desalting Kits' for
the Indian Armed Forces.
- Product range
expanded to include basic chemicals like Phosphonates, Biocides and Low
Molecular Weight Polymers in addition to Water Treatment chemicals and
services.
- Leading Water
Treatment service provider in India for more than a decade.
- Water
Treatment division sold in 1998 to Aquazur Ltd., U.K., a division of Nalco
Chemicals, USA.
- Focus changed
for manufacturing of Specialty Chemicals.
Mahad Project
The company has
decided to expand its Hydroxy Ehylene Director Phosphonic Acid (HEDP)
manufacturing capacities and has undertaken integration by producing
phosphorous Tri Chloride (PCL3) at its Mahad Project. The company has planned to set up additional
manufacturing capacities of 3500 MT per annum for HEDP and 2500 MT p.a. for PCL3
. Project cost for this
expansion is estimated at Rs. 160.000 and the company proposes to avail Foreign
Currency Term Loan to part finance this project Proposed date of commencement
of commercial production if 15th October, 2002.
The company has
been marketing Methylene Bis Thiocyanate (MBT) in Europe & U.S.A. In order to place the products in European
Markets, the company has undertaken to carry out the test for MBT and has
awarded the assignment to M/s. Huntingdon Life Sciences, U.K. &
M/s. Rallies Research Centre, Bangalore. During the year under report the company has incurred Rs. 7.953
millions for this purpose.
Product Application :-
1.
Cooling Water Treatment Formulations
2.
Boiler Water Treatment
3.
Textile Auxiliaries
4.
Ceramic Processing
5.
Detergent Soap Additives
6.
Sugar Industry
7.
Construction Industry
8.
Pulp and Paper Industry
9.
Leather Auxiliaries
10.
Oil Field Treatment
11.
Paint Industry
12.
Reverse Osmosis / Desalination
Production Facilities :-
The company’s manufacturing facility is located at Pirangi, which is about
40 Km. from Pune. It admeasures 15000 square meters an expanse of 40000 square
meters.
The plants have state of art manufacturing facilities and also have ISO
9002 accreditation.
The facilities includes :-
v Various capacities
of glasslined and stainless steel reactors.
v Graphite, PP, FRP
absorbers
v Graphite,
glasslined and stainless steel condensers
v Dryners of various
configurations
v Automated process
control instrumentation
v Automated
packaging systems
v Generators for
backup in case of power failure
Laboratory Facilities :-
Research and Development Laboratory which is recognized by Department
of Scientific and Industrial Research, Government of India, as
“In House R & D Unit”.
The basic facilities include two technical laboratories,
microbiological laboratory and an instruments section. Latest analytical
instruments like G.C., H.P.L.C.A.A.S. & Spectrophotometers support the
process development work.
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.42.78 |
|
UK Pound |
1 |
Rs.85.51 |
|
Euro |
1 |
Rs.67.90 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 |
|