MIRA
INFORM REPORT
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Report Date : |
29.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
CHEMSOL LABS PRIVATE LIMITED |
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Registered Office : |
Flat No. 202, Jamuna Thirth Apartments, D K Road, Ameerpet, Hyderabad-500016,
Andhra Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
24.08.2006 |
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Com. Reg. No.: |
01-50960 |
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CIN No.: [Company
Identification No.] |
U24299AP2006PTC050960 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDC03548G |
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PAN No.: [Permanent
Account No.] |
AACCC8923D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Trader of Chemical Solvents |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Maximum Credit Limit : |
USD 890 |
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Status : |
Small Concern |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a small trader of chemicals. Scale of operation is limited.
Trade relations are fair. Payments are reported as slow. The company considered for small to mediocre business dealings at
usual trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Krishna |
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Designation : |
Accounts Officer |
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Date : |
25.07.2008 |
LOCATIONS
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Registered Office : |
Flat No. 202, Jamuna Thirth Apartments, D K Road, Ameerpet,
Hyderabad-500016, Andhra Pradesh, India |
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Tel. No.: |
91-40-23741390 |
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Fax No.: |
91-40-23742821 |
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E-Mail : |
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Website : |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Krishna Vamsi |
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Designation : |
Director |
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Address : |
Flat No. 203, Jamuna Apartments, Dhram Karan Road, Ameerpet,
Hyderabad-500016, Andhra Pradesh, India |
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Date of Birth/Age : |
24.06.1965 |
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Qualification : |
BA |
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Date of Appointment : |
24.08.2006 |
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Name : |
Mrs. Kumari Swarna Vemula |
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Designation : |
Director |
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Address : |
Flat No. 203, Jamuna Apartments, Dhram Karan Road, Ameerpet,
Hyderabad-500016, Andhra Pradesh, India |
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Date of Birth/Age : |
30.07.1969 |
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Date of Appointment : |
24.08.2006 |
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Name : |
Mr. Ramrao |
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Designation : |
Director |
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Address : |
Flat No. 203, Jamuna Apartments, Dhram Karan Road, Ameerpet,
Hyderabad-500016, Andhra Pradesh, India |
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Date of Birth/Age : |
12.12.1956 |
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Qualification : |
Graduate |
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Date of Appointment : |
24.08.2006 |
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Name : |
Mrs. Hare Angara |
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Designation : |
Director |
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Address : |
Flat No. 203, Jamuna Apartments, Dhram Karan Road, Ameerpet,
Hyderabad-500016, Andhra Pradesh, India |
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Date of Birth/Age : |
04.07.1960 |
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Date of Appointment : |
24.08.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 31.03.2007
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Names of Shareholders |
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No. of Shares |
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Mr. Ramrao Atuchuta Vangara |
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900 |
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Mrs. Kumari Hare Angara |
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900 |
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Mr. Krishna Vamsi Vemula |
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4100 |
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Mrs. Kumari Swarna Vemula |
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4100 |
Equity Share Break Up As on 29.09.2007
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Particulars |
Percentage |
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Directors or relatives of directors |
100.000 |
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Total: |
100.000 |
BUSINESS DETAILS
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Line of Business : |
Trader of Chemicals Solvents |
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Products : |
Chemicals ·
Formic Acid ·
Glycerin IW/CP ·
Hydrogen Peroxide Bulk Drugs
Drug Intermediates
Organic Chemicals
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Imports : |
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Countries : |
Korea, Saudi Arabia. China |
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Terms : |
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Selling : |
Credit |
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Purchasing : |
L/C, Credit (60 days/ 90 days) |
GENERAL
INFORMATION
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Customers : |
Manufacturers |
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No. of Employees : |
14 (In Office) |
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Bankers : |
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Auditors : |
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Name : |
L Shridhar and Company (Chartered Accountant) |
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Address : |
Plot no. 168, S-2 Swarna Apartments, Kalyan Nagar, S.R Nagar,
Hydearbad-500038, Andhra Pradesh, India |
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Associates/Subsidiaries : |
Chemsol (Proprietor Firm of Mr. Vamsi Vemula) |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.100 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.100 million |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.100 |
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2] Share Application Money |
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0.010 |
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3] Reserves & Surplus |
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0.068 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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0.178 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
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2] Unsecured Loans |
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1.184 |
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TOTAL BORROWING |
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1.184 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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1.362 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.054 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.001 |
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Sundry Debtors |
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5.638 |
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Cash & Bank Balances |
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0.031 |
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Other Current Assets |
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0.001 |
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Loans & Advances |
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0.000 |
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Total
Current Assets |
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5.671 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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3.890 |
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Provisions |
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0.484 |
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Total
Current Liabilities |
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4.374 |
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Net Current Assets |
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1.297 |
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MISCELLANEOUS EXPENSES |
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0.011 |
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TOTAL |
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1.362 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
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Sales Turnover |
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5.734 |
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Other Income |
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0.000 |
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Total Income |
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5.734 |
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Profit/(Loss) Before Tax |
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0.101 |
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Provision for Taxation |
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0.033 |
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Profit/(Loss) After Tax |
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0.068 |
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Expenditures : |
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Financial charges |
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5.633 |
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Other Expenditure |
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5.576 |
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Total Expenditure |
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5.633 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
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PAT / Total Income |
(%) |
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1.18 |
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Net Profit Margin (PBT/Sales) |
(%) |
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1.76 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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1.76 |
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Return on Investment (ROI) (PBT/Networth) |
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0.57 |
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Debt Equity Ratio (Total Liability/Networth) |
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31.22 |
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Current Ratio (Current Asset/Current Liability) |
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1.30 |
LOCAL AGENCY
FURTHER INFORMATION
Form no. 8:
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U24299AP2006PTC050960 |
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Name of the
company |
CHEMSOL LABS
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Flat No. 202,
Jamunba Apartments Dharam Karan Road, Ameerpet, Hyderabad-500016, Andhra
Pradesh, India |
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Type of charge |
Book debts Movable property |
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Particular of
charge holder |
Axis Bank
Limited, Plot no 257/3RT, sanjeeva Reddy Nagar, Hyderabad-500038, Andhra
Pradesh. India |
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Nature of
description of the instrument creating or modifying the charge |
Hypothecation of current
assets and movables (composite) |
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Date of
instrument Creating the charge |
21.07.2007 |
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Amount secured by
the charge |
Rs. 12.000
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of interest: At BPLR-1.75%,
I.E- 13.25% at present Penal interest at
2% over and above the applicable interest rate Terms of
repayment: On demand Extent and
operation of the charge: The charge as a
continuing security for the due repayment by the borrower to the bank at any
time on demand of all the monies now or at any time that may become due and
also the interest and penal interest, charges, that may be payable by the
borrower |
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Short particulars
of the property charged |
All the goods ,
stock in trade including raw material, present and future book debts
outstanding monies, receivables, claims |
Website Details
Attached:
Founded in 2004,
subject has grown to a broad-based supplier of chemicals, pharmaceuticals, Intermediates
and minerals to virtually every industry that requires them. Their activities
include trading, Sourcing and joint ventures.
Subject is a trade
enterprise specialized in the import of Solvents and chemicals. The company deals
with 5,000 Mts of chemicals annually, including Methanol, Acetone, MDC of bulk
chemicals.
Trade references:
- Nosch Flaming
- MSN Laboratories
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
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Indian Rupees |
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US Dollar |
1 |
Rs.42.30 |
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UK Pound |
1 |
Rs.84.03 |
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Euro |
1 |
Rs.66.42 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
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--MARGINS |
-5~5 |
----- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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37 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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