MIRA
INFORM REPORT
|
Report Date : |
21.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
ANUPAM RASAYAN INDIA LIMITED |
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Registered Office : |
Plot No. 8110, GIDC Industrial Estate, Sachin, District –
Surat-394230. Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
30.09.2003 |
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Com. Reg. No.: |
04-042988 |
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CIN No.: [Company
Identification No.] |
U24231GJ2003PLC042988 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
SRTA01589A |
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Legal Form : |
A closely held public limited liability company. |
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Line of Business : |
Manufacture, Produce, Refine, Process, Formulate, Buy, Sell, Export,
Import or otherwise Dealing in all types of heavy and light Chemicals,
Chemical Elements etc. |
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 670000 |
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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 experience 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. |
INFORMATION PARTED
BY
|
Name : |
Mr. Rohan Desai |
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Designation : |
Director |
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Date : |
19.07.2008 |
LOCATIONS
|
Registered Office/ Plant : |
Plot No. 8110, GIDC Industrial Estate, Sachin, District –
Surat-394230. Gujarat |
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Tel. No.: |
91-261-2398993/94/95 |
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Fax No.: |
91-261-2398996 |
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E-Mail : |
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Website : |
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Area : |
9000 Sq. ft, (Owned) |
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Corporate Office
: |
No. 2-701 GIDC, Sachin Surat-394230, Gujarat, India |
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Area : |
6000 sq. ft (Owned) |
DIRECTORS
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Name : |
Mrs. Hansaben Sureshchandra
Desai |
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Designation : |
Director |
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Address : |
5, Janatanagar, Opp. Kapadia Health Club, New Civil Road,
Surat-395003, Gujarat |
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Date of Birth/Age : |
18.11.1944 |
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Qualification: |
B.Com |
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Date of Appointment : |
30.09.2003 |
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Name : |
Mr. Ashvin Jayantilal Desai |
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Designation : |
Director |
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Address : |
40, Jaldarshan Society, Near Umrigar School, Umra, Surat – 395007,
Gujarat |
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Date of Birth/Age : |
18.09.1951 |
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Qualification: |
Chemical Engineer |
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Date of Appointment : |
30.09.2003 |
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Name : |
Mr. Anand Sureshchandra Desai |
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Designation : |
Director |
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Address : |
5, Janatanagar, Opp. Kapadia Health Club, New Civil Road, Surat-
395003, Gujarat |
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Date of Birth/Age : |
12.12.1973 |
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Qualification: |
B.Com |
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Qualification: |
B.Com |
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Date of Appointment : |
30.09.2003 |
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Name : |
Mrs Purnima Ashvin Desai |
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Designation : |
Director |
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Address : |
40,Jaldarshan Society, Near Umrigar School, Umra, Surat – 395007,
Gujarat |
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Date of Birth/Age : |
24.01.1954 |
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Qualification: |
B.Com |
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Date of Appointment : |
30.09.2003 |
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Name : |
Ms. Soniya Sureshchandra Desai |
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Designation : |
Director |
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Address : |
27, Kadmpalli Society, Nanpura, Surat-395001, Gujarat, India |
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Date of Birth/Age : |
08.01.1964 |
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Qualification: |
B.Com |
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Date of Appointment : |
30.09.2003 |
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Name : |
Mrs Mona Anandbhai Desai |
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Designation : |
Director |
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Address : |
5, Janatanagar, Opp. Kapadia Health Club, New Civil Road, Surat –
395007, Gujarat |
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Date of Birth/Age : |
12.10.1975 |
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Qualification: |
B.Com |
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Date of Appointment : |
30.09.2003 |
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Name : |
Mr. Rohan Ashvin Desai |
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Designation : |
Director |
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Address : |
40, Jaldarshan Society, Near Umrigar School, Umra, Surat- 395007,
Gujarat |
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Date of Birth/Age : |
16.09.1979 |
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Qualification: |
B.Com |
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Date of Appointment : |
01.08.2004 |
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Name : |
Mr. Aman Ashvin Desai |
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Designation : |
Director |
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Address : |
40, Jaldarshan Society, Near Umrigar School, Umra Surat – 395007,
Gujarat |
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Date of Birth/Age : |
30.03.1983 |
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Qualification: |
MSC PHD |
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Date of Appointment : |
30.09.2003 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
Percentage of
Holding |
|
Bodies Corporate |
|
1.40 % |
|
Directors or Relatives of Directors |
|
89.38 % |
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Other top Fifty (50) Shareholders |
|
9.22 % |
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Mrs. Hansa Sureshchandra Desai |
76,000 |
19.00 % |
|
Ms.Soniya Sureshchandra Desai |
4,000 |
01.00 % |
|
Mrs. Purnima Ashwin Desai |
50,000 |
12.00 % |
|
Mr. Ashwin Jayantilal Desai |
70,000 |
17.50 % |
|
Mr. Anand Sureshchandra Desai |
70,000 |
17.50 % |
|
Mrs. Mona Anandbhai Desai |
50,000 |
12.50 % |
|
Mr. Rohan Ashwin Desai |
40,000 |
10.00 % |
|
Mr. Aman Ashwin Desai |
40,000 |
10.00 % |
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Total |
4,00,000 |
100.00
% |
BUSINESS DETAILS
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Line of Business : |
Manufacture, Produce, Refined, Process, Formulate, Buy, Sell, Export, Import
or otherwise Dealing in all types of heavy and light Chemicals, Chemical
Elements etc. |
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Exports : |
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Products : |
Chemicals |
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Countries : |
China, Europe and Japan |
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Imports : |
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Products : |
Chemicals |
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Countries : |
China and Europe |
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Terms : |
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Selling : |
L/C, Credit ( 90 Days) |
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Purchasing : |
L/C, Credit ( 90 Days) |
GENERAL
INFORMATION
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Customers : |
Multinationals |
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No. of Employees : |
250 (Factory100, Office 150) |
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Bankers : |
Bank of India Gopipura Branch, Surat-395001, Gujarat, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Natvarlal Vepari and Company Chartered Accountants |
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Address : |
405, River Palace – II, Nanpura, Surat – 395001, Gujarat |
CAPITAL STRUCTURE
As on 08.09.2006
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
8,000,000 |
Equity Share |
Rs. 10/- each |
Rs. 80.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
8,000,000 |
Equity Share |
Rs. 10/-
each |
Rs.80.000
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
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|
|
|
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1] Share Capital |
80.000 |
63.100 |
4.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
54.151 |
55.126 |
40.481 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
134.151 |
118.226 |
44.481 |
|
|
LOAN FUNDS |
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1] Secured Loans |
374.732 |
245.011 |
110.541 |
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2] Unsecured Loans |
20.755 |
19.760 |
19.344 |
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TOTAL BORROWING |
395.487 |
264.771 |
129.885 |
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DEFERRED TAX LIABILITIES |
19.109 |
0.000 |
0.000 |
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TOTAL |
548.747 |
382.997 |
174.366 |
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FIXED ASSETS [Net Block] |
274.258 |
231.248 |
109.982 |
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Capital work-in-progress |
2.109 |
3.705 |
2.423 |
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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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|
|
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Inventories |
122.170
|
98.911 |
66.548 |
|
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Sundry Debtors |
216 .311
|
134.849 |
52.633 |
|
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Cash & Bank Balances |
2.765
|
2.492 |
1.610 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
63.104
|
42.173 |
19.749 |
|
Total
Current Assets |
404.350
|
278.425 |
140.540 |
|
|
Less : CURRENT LIABILITIES
& PROVISIONS |
|
|
|
|
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Current Liabilities |
116.010
|
118.944 |
73.641 |
|
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Provisions |
16.296
|
11.897 |
5.000 |
|
Total
Current Liabilities |
132.306
|
130.841 |
78.641 |
|
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Net Current Assets |
272.044
|
147.584 |
61.899 |
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MISCELLANEOUS EXPENSES |
0.335 |
0.460 |
0.062 |
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TOTAL |
548.747 |
382.997 |
174.366 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2006 |
31.03.2005 |
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|
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Sales Turnover |
540.951 |
510.412 |
293.320 |
|
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Other Income |
2.491 |
1.161 |
4.852 |
|
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Total Income |
543.442 |
511.573 |
298.172 |
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|
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|
|
|
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Profit/(Loss) Before Tax |
41.809 |
47.982 |
10.020 |
|
|
Provision for Taxation |
11.840 |
14.058 |
4.272 |
|
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Profit/(Loss) After Tax |
29.969 |
33.924 |
5.748 |
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|
|
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Export Earnings |
428.799 |
431.559 |
NA |
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Expenditures : |
|
|
|
|
|
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Raw Material Consumed |
338.504 |
296.069 |
165.504 |
|
|
Consumption of stores and spares |
0.745 |
0.723 |
0.000 |
|
|
Increase or decrease in stocks |
[35.018] |
1.352 |
0.000 |
|
|
Salaries, Wages, Bonus, etc. |
8.203 |
6.059 |
5.628 |
|
|
Managerial Remuneration |
3.840 |
2.880 |
1.840 |
|
|
Payment to Auditors |
0.152 |
0.112 |
0.111 |
|
|
Interest |
32.794 |
23.818 |
11.654 |
|
|
Insurance Expenses |
11.564 |
3.517 |
2.378 |
|
|
Power & Fuel |
14.717 |
8.483 |
18.272 |
|
|
Depreciation |
15.210 |
9.834 |
0.000 |
|
|
Other Expenditure |
110.922 |
110.744 |
82.765 |
|
|
|
536.651 |
463.591 |
0.000 |
|
Total Expenditure |
501.633 |
463.591 |
288.152 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
5.51
|
6.63 |
1.92 |
|
|
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|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.72
|
9.40 |
3.41 |
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|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.16
|
13.25 |
3.99 |
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|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.31
|
0.40 |
0.22 |
|
|
|
|
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|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.93
|
3.34 |
4.68 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.06
|
2.12 |
1.78 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References:
- Siddhi
Chemicals, Navsari, Surat
- Aarti
Industries
- Mahavir
Associates
Name of the Company : ANUPAM RASAYAN INDIA LIMITED
Presented by : Shri Anand S. Desaiss
|
1. Date and description of the instrumental
creating the charge |
Agreement of Hypothecation dated 10.07.2004 |
|
2) Amount secured by the charge/amount owning on security
of the charge |
Rs. 94.000 Millions comprised of – CC (Stock & book-debts) Rs
7.500 Millions EPC & DA LC Rs. 25.000 Millions FBP/FBN Rs. 25.000 Millions Corporate Loan Rs. 30.000 Millions DP LC Rs. 2.500 Millions Bank Guarantee Rs.
4.000 Millions Total
------------------------------------ Rs. 94.000 Millions |
|
3) Short particular of the property charged. If the property acquired
is subject to charge, date of the acquired of the property should be given |
1)
All the stock of chemicals and
chemical intermediates, whether in raw material stage, stock in process, finished
goods and stock in transit etc. 2)
All the Book-debts of the company including foreign bills purchased
and negotiatedby the Bank both present and future. 3)
All the moveable assets of the company including Plant & Machinery,
equipment, instruments, accessories etc. situated wheresoever or in transit. |
|
4) Gist of the terms and conditions and extent and operation of the
charge. |
1) Margin
CC (Stock) : 25%
CC (Book-debts) : 40%
EPC/FBP/FBN/LC
(Bank Guarantee) : 10% 2)
Rate of Interest :
CC : 4% over BPLR, presently 14.75% p.a. with
Monthly rests or such other rates as may be
Notified by the Bank from time to time.
EPC : Upto 180 days 6.5% p.a. beyond180 days
upto 270 days 11.25% p.a.
FBP/FBN : Demand and Usance
bills upto 90
days - 6.5% p.a. and Usance of
90 days upto 6
months -11.25% p.a.
Corporate Loan : 4% over BPLR, presently
14.75% p.a. with monthly by the Bank from time 3) Repayment :
Working Capital : on Demand
Corporate Loan : 48 Equated
monthly
Installments.
|
|
5) Name and Address and description of the person entitled to the
charge. |
Bank Of India Gopipura Branch, Surat. |
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6) Date and brief description
of instrument modifying the charge |
Supplemental Deed of Hypothecation dated
04.01.2006 |
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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 Ninth Supplemental deed of hypothecation
the existing charge has been extended to cover the Additional Foreign Bills
Purchase/ Negotiation Limit of Rs. 12.000 Millions making an aggregate of
total limits to Rs. 280.000 Millions |
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified
|
90108059 |
|
Corporate
identity number of the company |
U24231GJ2003PLC042988 |
|
Name of the
company |
ANUPAM RASAYAN INDIA LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
Plot No. 8110, GIDC Industrial Estate, Sachin, District – Surat-394230.
Gujarat |
|
Type of charge |
Immovable
Property Others |
|
Particular of
charge holder |
Bank of India Gopipura Branch, Surat-395001, Gujarat, India |
|
Nature of
description of the instrument creating or modifying the charge |
Continuing Oral
Assent |
|
Date of
instrument Creating the charge |
20.12.2007 |
|
Amount secured by
the charge |
Rs. 407.600
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As per the Schedule
attached vide AnnexureA Terms of
Repayment
Margin No margin
stipulated for New Corporate loan. Margin as per
existing terms for other existing facilities. Extent and
Operation of the charge The charge will
operate as first and exclusive charge in favour of the charge holder and is a
continuing security for the outstanding balance in all the credit facilities
and account including the interest, additional interest, penal interest etc. Others The Bank has the
right to seilze and realize the assets towards the recovery of dues. |
|
Short particulars
of the property charged |
Lease hold land,
build ups and other fixed immovable assets in Plot No. 8110, 8109 and 701 in
GIDC Industrial Estate, Schin, Surat more particularly described as per
Annexure “B” attached |
|
Date of latest
modification prior to the present modification |
31.07.2006 |
|
Particulars of
the present modification |
The Bank has
granted fresh Corporate Loan of Rs. 80.000 Millions and enhanced the Export
Packing Credit limit by Rs. 35.000 Millions from Rs. 60.000 to Rs. 95.000
Millions and reduction in first Corporate loan by Rs. 8.300 Millions, Term
Loan by Rs. 12.800 millions , Demand loan by Rs. 15.000 Millions (due to
repayment) and FBP/ FBN limit by Rs. 15.000 Millions (reduction) thereby total
limit enhanced form Rs. 343.700 Millions to Rs. 407.600 Millions as described
in Annexure-A |
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 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 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
NO |
|
--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/normal. |
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 |
|