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MIRA
INFORM REPORT
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Report Date : |
21.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
CHEM VERSE CONSULTANTS (INDIA) PRIVATE LIMITED |
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Registered Office : |
Plot No. 167 /3, Mahendra Mansion, Sion (West), Mumbai 400 022,
Maharshtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
27.12.2000 |
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Com. Reg. No.: |
130234 |
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CIN No.: [Company
Identification No.] |
U24231MH2000PTC130234 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMC08103E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of specialty chemicals and industrial Aerosols |
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 49000 |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory track records. Directors are reported as experienced and respectable businessman. 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
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Registered Office : |
Plot No. 167 /3, Mahendra Mansion, Sion (West), Mumbai 400 022,
Maharshtra, India |
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Tel. No.: |
91-22-24033387 / 24095503 |
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Fax No.: |
91-22-24097858 |
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E-Mail : |
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Website : |
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Factory: |
Plot No. 120/5, Jasud Bhavan, Road No. 24A, Jain Society, Sion (West),
Mumbai-400022, Maharashtra, India |
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Tel. No.: |
91-22-24095503/ 24033387/ 24033826 |
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Fax No.: |
91-22-24097858 |
DIRECTORS
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Name : |
Mr. Nitnain C. Mavani |
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Designation : |
Director |
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Address : |
Flat no. 801, Aangan, 40, T. V. Chidambaram Marg, Sion (East), Mumbai
400 022, Maharashtra, India. |
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Date of Birth/Age : |
07.11.1945 |
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Date of Appointment : |
27.12.2000 |
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Name : |
Mrs. Bharati Nitnain Mavani |
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Designation : |
Director |
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Address : |
Flat no. 801, Aangan, 40, T. V. Chidambaram Marg, Sion (East), Mumbai
400 022, Maharashtra, India. |
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Date of Birth/Age : |
01.09.1949 |
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Date of Appointment : |
27.12.2000 |
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Name : |
Mr. Anagh Nitnain Mavani |
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Designation : |
Director |
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Address : |
Flat no. 801, Aangan, 40, T. V. Chidambaram Marg, Sion (East), Mumbai
400 022, Maharashtra, India. |
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Date of Birth/Age : |
08.02.1976 |
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Date of Appointment : |
27.12.2000 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2005
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Names of Shareholders |
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No. of Shares |
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Mr. Nitnain C. Mavani |
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20,000 |
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Mrs. Bharati Nitnain Mavani |
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15,000 |
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Mr. Anagh Nitnain Mavani |
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15,000 |
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Total |
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50,000 |
Equity share breakup (percentage of total equity)
As on 30.09.2007
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of specialty chemicals and industrial Aerosols |
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Products : |
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GENERAL
INFORMATION
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Suppliers : |
·
Nakshatra Netwone limited ·
Tulsidas Khimzi Private Limited ·
Suntej Engineering Private Limited ·
Mavani Aerolubes Private Limited
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Customers : |
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Bankers : |
Bank of India, Sion Branch, 29, Amba Bhuvan, Sion Circle, Mumbai 400
022, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M /s Shahade and Associates Chartered Accountants |
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Address : |
Gautam, Plot No. 29, Road No. 2, Sion (East), Mumbai 400 022,
Maharashtra, India |
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Tel No.: |
91-22-24072801 |
CAPITAL STRUCTURE
As on 29.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity shares |
Rs. 10/- each |
Rs. 0.500 million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
50000 |
Equity shares |
Rs. 10/- each |
Rs. 0.500 million |
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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 |
0.500 |
0.500 |
0.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
9.466 |
5.237 |
2.882 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
9.966 |
5.737 |
3.382 |
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LOAN FUNDS |
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1] Secured Loans |
2.320 |
1.403 |
0.361 |
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2] Unsecured Loans |
11.350 |
13.100 |
15.483 |
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TOTAL BORROWING |
13.670 |
14.503 |
15.844 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
23.636 |
20.240 |
19.226 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
5.495 |
3.879 |
4.857 |
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Capital work-in-progress |
0.803 |
0.000 |
0.000 |
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INVESTMENT |
5.152 |
4.331 |
1.506 |
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DEFERREX TAX ASSETS |
0.019 |
0.061 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
3.008
|
2.638 |
1.805
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Sundry Debtors |
4.787
|
3.430 |
3.644
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Cash & Bank Balances |
1.154
|
0.669 |
2.181
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Interest receivable on PD |
6.493
|
6.483 |
0.279
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Loans & Advances |
2.864
|
2.321 |
1.245
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PD with Bank |
0.000
|
0.000 |
6.989
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Total
Current Assets |
18.306
|
15.541 |
16.143 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
2.519
|
0.981 |
3.285
|
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Provisions |
3.620
|
2.594 |
0.000
|
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Total
Current Liabilities |
6.139
|
3.575 |
3.285 |
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Net Current Assets |
12.167
|
11.966 |
12.858 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.003 |
0.005 |
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TOTAL |
26.636 |
20.240 |
19.226 |
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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 |
33.265 |
19.474 |
10.878 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
33.265 |
19.474 |
10.878 |
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Profit/(Loss) Before Tax |
5.961 |
3.138 |
2.523 |
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Provision for Taxation |
0.000 |
0.000 |
1.049 |
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Profit/(Loss) After Tax |
5.961 |
3.138 |
1.474 |
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Earnings in Foreign Currency : |
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Export Earnings |
5.933 |
0.993 |
5.994 |
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Total Earnings |
5.933 |
0.993 |
5.994 |
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Expenditures : |
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Depreciation & Amortization |
0.000 |
0.000 |
0.723 |
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Other Expenditure |
27.304 |
16.336 |
7.632 |
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Total Expenditure |
27.304 |
16.336 |
8.355 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
17.92
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16.11 |
13.55
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Net Profit Margin (PBT/Sales) |
(%) |
17.92
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16.11 |
23.19
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Return on Total Assets (PBT/Total Assets} |
(%) |
20.02
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13.18 |
12.01
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Return on Investment (ROI) (PBT/Networth) |
|
0.60
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0.55 |
0.74
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Debt Equity Ratio (Total Liability/Networth) |
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1.98
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3.15 |
5.65
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Current Ratio (Current Asset/Current Liability) |
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2.99
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4.35 |
4.91
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LOCAL AGENCY
FURTHER INFORMATION
Fixed Assets:
- Factory
Buildings And Shed
- Computer
Systems
- Motor Car
- Laboratory
Apartments
- Furniture And
Fixture
- Plant And
Machinery
Directors report:
The company has achieved a turnover of Rs. 2.000 millions during the
year 2004 – 05.
The company is continuously making all possible efforts to develop more
business in Indian as well as foreign markets. The directors are hopeful to
achieve a sizable turnover in the current year.
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Name of the company |
CHEM VERSE CONSULTANTS INDIA PRIVATE LIMITED |
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Presented By |
Bank of India , Sion Branch , Mumbai |
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1) Date and description of instrument creating the change |
Agreement of Hypothecation of plant and machinery, stock and book debts Dated 07.03.2002 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 3.465 millions Comprising of the following facilities
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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 |
i) All tangible movable machineries and plant both present and future whether installed or not or whether lying loose or in cases at site or in transit a short particulars of which are disclosed in part A of the schedule II of the above agreement or which may at any time during the continuance of this security being installed or lying loose or in cases or being in or upon or about the borrowers premises godowns at Panvel or wherever else the same may be or be held by any party anywhere to the order and disposition of the Borrower (all of which are hereinafter called “the hypothecated machinery”) ii) All tangible movable properties and assets of whatsoever nature of the borrower (both present and future) and including but without prejudice to the generality of the foregoing all stocks of raw materials such as metal cans, drums, gas, oil solvents etc. and finished goods and semi finished goods, spare parts, components (including spare parts stores relating to plant and machinery both present and future) and stock in the process of the borrower whersoever situate at Panvel a short particulars whereof are disclosed in part B of the schedule II of the above agreement and /or in transit now belonging to or that may at any time during the continuance of its security being to the borrower or that may be held by any party ot the order and disposition of the borrower (all of which are hereinafter referred to as :the hypothecated goods”) and iii) All the present and future book-debts, outstanding, money receivables, claims, bills which are now due and owing or which may at any time Hereafter during the continuance of this security become due and owing to the borrower in the course of his business by any persons, firm, company or body corporate or by the Central Government or any State Government, or any Government Department or office or any municipal or local or public or semi governmental body or authority or any body corporate or undertaking or project whatsoever (all of which are hereinafter collectively referred to as “the said debts” |
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4) Gist of the terms and conditions and extent and operation of the charge. |
i) The security as mentioned in column No 3(i) above has been taken to secure repayment of term loan of Rs. 0.465 million granted by the Bank to the company Interest at the rate of 4% p. a. over Bank’s PTLR subject to a minimum of 16.5% p. a. at present with quarterly rests for Term Loan facility of Ts 0.465 million granted by the bank to the company ii) The security as mentioned in column No. 3(ii) (iii) above has been taken to secure repayment of the following facilities granted by the bank to the company.
Interest at the rate of 4% p. a. over Bank of India PLR subject to a minimum of 16% p. a. at present with quarterly rests for cash credit (stocks and book debts) facility of Rs 3.000 millions and Rs. 1.5000 millions respectively subject to maximum facility of Rs. 3.000 millions granted by the Bank of company |
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5) Name and Address and description of the person entitled to the charge. |
Bank of India, Sion Branch, 29, Amba Bhuvan, Sion Circle, Mumbai 400 022 |
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6) Date and brief description of instrument modifying the charge |
Supplemental Deed of Hypothecation Dated 22.07.2002 |
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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. |
The original charge dated 07.03.2002 for Rs. 3.465 millions is hereby modified and enhanced to Rs. 5.860 millions comprising of the following facilities
Against hypothecation of plant and machinery stocks, raw materials for manufacturing of industrial aerosols, lubricants, specialty chemicals etc. finished goods and semi finished goods and book debts more particularly mentioned in column No. 3 i, ii and iii above i) Interest at the rate of 9.55 for FBP / FBN and packing credit facility of Rs. 2.500 millions each subject to maximum facility of Rs. 2.500 millions granted by the Bank to the Company with monthly rests. ii) Interest at the rate of 4% p. a. over Bank of India PLR subject to a minimum of 16% p. a. at present with monthly rests for cash credit (stocks and book debts) facility of Rs. 3.000 millions and Rs 1.500 million respectively subject to maximum facility of Rs. 3.000 millions granted by the Bank to the Company iii) Interest at the rate of 4% p. a. over Bank’s PTLR subject to minimum of 16.5% p. a. at present with quarterly rests for term loan facility of Rs. 0.360 million granted by the bank to the company All other terms and conditions remains the same |
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This form is for |
Creation of
charge |
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Corporate identity
number of the company |
U24231MH2000PTC130234 |
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Name of the
company |
CHEM VERSE CONSULTANTS INDIA PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Plot No. 167 /3, Mahendra Mansion, Sion (West), Mumbai 400 022,
Maharshtra, India |
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Type of charge |
Movable Property |
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Particular of
charge holder |
Bank of India, Sion Branch, 29, Amba Bhuvan, Sion Circle, Mumbai 400
022, Maharashtra, India |
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Nature of
description of the instrument creating or modifying the charge |
Agreement of Term
Loan And Hypothecation of Movable Assets/ Plants and Machinry |
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Date of
instrument Creating the charge |
23.08.2007 |
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Amount secured by
the charge |
Rs. 0.670 Million |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 1% below BPLR
Minimum 12.25% per annum with monthly rests Terms of
Repayment 59 EMI of Rs.
0.014 Million per month Margin As per sanction
terms Extent and
Operation of the charge To secure Term
Loan facility of Rs. 0.670 Million granted by the Bank to the Company. |
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Short particulars
of the property charged |
The Borrower doth
hereby hypothecated and charge by way of first charge to and in favour of the
Bank all movable assets, plant and machinery viz. All indigenous and imported
Machineries together with all accessories, stores and spares relating thereto
now belonging or hterafter to belong to the Borrower (both present and
future) and whether installed or not and whether lying loose or in cases or
being in or upon or about the Borrower’s factory building or other premises
and godowns at Mumbai/ Panvel |
As Per Website Details:
Subject is manufacturing
high quality specialty chemicals and industrial aerosols since 1971.
Company Profile
Synthesized
lubricants made from natural oils are renewable resources, which are biodegradable,
eco-friendly, non-toxic and have better lubricating properties. They have wide
application in varied industries, especially the textile and automobile sector.
Subject. is founded in 1971 to
meet all the possible requirements of maintaining highly sophisticated and
state-of-the-art textile and other machinery.
Subject. is an ISO 9001 certified
company, and since its inception, it has registered a commendable
position in its arena. They are a leading and acknowledged manufacturer of
specialty lubricants and aerosols like CVC
Knitlube, CVC SLT Oil, CVC Texlube Spray, CVC Molytex Spray, CVC Washlube, CVC
Loomspray, CVC Stitchlube, CVC SR-100 Spray, Chemax Wax Rolls, Knitkleen Spray,
Synol PSR-300, Synol GL-100, Synol HL-46,Synol XA-675, Synol RG-10, Synol P-48,
Synol J-3, Synol K-12, Synol NSG-100. Their range of energy saving
spindle oil, synthetic knitting oil, non-staining stitching oil, high
temperature chain oil, spinnerette spray for nylon and polyesters, needle and
cam cleaner, etc. for the spinning and knitting industry have made a mark in
the domestic market. Their products are approved by C-DOT (Department of
Telematics), CACT and conform to THEM Military specification. Some of their
products pass the environmental requirements of American and European Oeko-Tex
standards-100.
Their Products
Their sophisticated products enable the machines to reduce friction and
increase productivity. They manufacture an impressive range of lubricants,
aerosols and greases, which are enumerated below:
Features
- Eco-friendly
and biodegradable in nature
- Increases the
productivity by delaying the process of wear and tear of machinery
- Cost-effective
- Energy saving
- Better
solutions in maintenance and operation.
Infrastructure
- Latest
manufacturing facility conforming to international standards
- Full-fledged
oil blending and grease manufacturing plant, fully equipped with quality
control laboratory and aerosol filling lines
- Stringent
testing to ensure quality as well as flawless output
- Team of
highly qualified and competent professionals dedicated to run the
operations
- A family of
technocrats having vast and extensive experience in the field of chemistry
and engineering.
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|
.
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 |
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/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 |
|