MIRA
INFORM REPORT
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Report Date : |
04.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
KRISHNA CONCHEM PRODUCTS PRIVATE LIMITED |
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Registered Office : |
5-B, Moshion Building, R. K. Vaidya Marg, Dadar [West], Mumbai 400028,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
01.10.1990 |
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Com. Reg. No.: |
058387 |
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CIN No.: [Company
Identification No.] |
U24224MH1990PTC058387 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMK05074G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing and Development of Speciality Construction Chemicals |
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 71000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory
track records. Trade relations are
fair. Business is active. Payments are reported as 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 : |
5-B, Moshion Building, R. K. Vaidya Marg, Dadar [West], Mumbai 400028,
Maharashtra, India |
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E-Mail : |
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Website : |
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Factory : |
1 and 2, Building 6, Sector 3, Millennium Business Park,
Mahape, Navi Mumbai - 400 705 |
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Tel. No.: |
91-22- 27782923 / 24 |
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Fax No.: |
91-22- 27782808 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Madan Krishna Kamat |
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Designation : |
Director |
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Address : |
3/80, Yashodhara Co-operative Society, Off Cadella Road, Dadar [West],
Mumbai 400028, Maharashtra, India |
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Date of Birth/Age : |
19.07.1953 |
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Date of Appointment : |
01.10.1990 |
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Name : |
Mr. Anjali Madan Kamat |
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Designation : |
Director |
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Address : |
601, Krishna Saraswati Sadan, L. T. Dilip Gupta Road, Mahim, Mumbai
400016, Maharashtra, India |
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Date of Birth/Age : |
05.05.1965 |
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Date of Appointment : |
01.10.1990 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
[As on 29.09.2005]
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Names of Shareholders |
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No. of Shares |
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Madan Kamat |
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16000 |
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Anjali Kamat |
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6000 |
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Kamal Krishna Kamat |
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400 |
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Pramod Krishna Kamat |
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1300 |
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Vasant Krishna Kamat |
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1300 |
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Name of Allotees |
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Madan Krishna Kamat |
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1600000 |
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Anjali Madan Kamat |
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600000 |
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Kamal Krishna Kamat |
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40000 |
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Pramod Krishna Kamat |
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130000 |
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Vasant Krishna Kamat |
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130000 |
[As on 31.03.2007]
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Equity Share
Break-up |
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Percentage |
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Directors or relatives of the Directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and Development of Speciality Construction Chemicals |
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Products : |
·
Corrosion Inhibitors ·
Reinforcement Coating Systems ·
Bonding Agents ·
Repair Grouts, Impregnators,
& Anchors ·
Repair Mortars ·
Water Proofing ·
Protective Coatings ·
Admixtures ·
Sealants, Adhesives &
Curing Compounds ·
Heritage Products ·
Composite Strengthening System |
GENERAL
INFORMATION
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No. of Employees : |
80 |
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Bankers : |
The Shamrao
Vithal Co-operative Bank Limited, Mumbai |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Ganapati M. Kamat Chartered Accountants |
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Address : |
14-B, Mohsin Building, R. K. Vaidya Road, Dadar [West], Mumbai 400028,
Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs. 100/- each |
Rs. 5.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs. 100/-
each |
Rs. 5.000
Millions |
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FINANCIAL DATA
[all figures are in Rupees 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 |
5.000 |
5.000 |
2.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
12.767 |
4.864 |
5.881 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
17.767 |
9.864 |
8.381 |
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LOAN FUNDS |
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1] Secured Loans |
9.390 |
20.840 |
14.360 |
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2] Unsecured Loans |
10.200 |
9.625 |
4.514 |
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TOTAL BORROWING |
19.590 |
30.465 |
18.874 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
37.357 |
40.329 |
27.255 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
26.673 |
27.403 |
5.015 |
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Capital work-in-progress |
0.000 |
0.000 |
31.154 |
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INVESTMENT |
4.370 |
0.609 |
0.608 |
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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 |
8.473
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6.065 |
8.161 |
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Sundry Debtors |
17.743
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15.447 |
3.545 |
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Cash & Bank Balances |
0.949
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0.447 |
0.513 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
9.431
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4.640 |
3.321 |
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Total
Current Assets |
36.596
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26.599 |
15.540 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
0.000
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0.000 |
0.000 |
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Provisions |
30.536
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14.620 |
25.342 |
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Total
Current Liabilities |
30.536
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14.620 |
25.342 |
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Net Current Assets |
6.060
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11.979 |
[9.802] |
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MISCELLANEOUS EXPENSES |
0.254 |
0.338 |
0.280 |
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TOTAL |
37.357 |
40.329 |
27.255 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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87.841 |
53.166 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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87.841 |
53.166 |
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Profit/(Loss) Before Tax |
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15.387 |
0.718 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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15.387 |
0.718 |
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Expenditures : |
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Interests |
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3.802 |
1.919 |
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Depreciation & Amortization |
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4.236 |
12.038 |
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Other Expenditure |
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64.416 |
38.491 |
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Total Expenditure |
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72.454 |
52.448 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
17.52
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1.35 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
17.52
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1.35 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
28.88
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1.33 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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1.20
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0.07 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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2.82
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4.57 |
5.27 |
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Current Ratio (Current Asset/Current Liability) |
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1.19
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1.81 |
0.61 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
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Name of the company |
KRISHNA CONCHEM
PRODUCTS PRIVATE LIMITED |
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Presented By |
The Shamrao
Vithal Co-operative Bank Limited Slmater Road,
Mumbai 400007 |
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1) Date and description of instrument creating the change |
No instrument was
executed. However, the Equitable
mortgage has been created by way of deposit of title deeds on 08.03.1997 |
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2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 7.615
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 |
All that piece or
parcel of land known as Plot No. B-41, in the Gane Khadpoli Industrial Area,
within the village limits of Khadpoli Taluka and Registration sub district
Chiplun District and Registration District Ratnagiri containing by
admeasurements 4124 Sq. mtrs. Belonging to the borrower. |
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4) Gist of the terms and conditions and extent and operation of the
charge. |
To secure due
repayment of Term Loan facility together with all interest, costs, charges
and expenses, granted by the bank to the borrower |
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5) Name and Address and description of the person entitled to the
charge. |
The Shamrao
Vithal Co-operative Bank Limited, Mumbai |
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6) Date and brief description
of instrument modifying the charge |
NA |
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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. |
NA |
AS PER WEBSITE DETAILS:
PROFILE
Subject
is involved in manufacturing and development of Specialty Construction
Chemicals since 1981. KCPPL has over the years offered many an innovative
solutions to concrete corrosion, repairs, rehabilitation and construction
problems.
Most
of their products have been put to use by various clients (private, public
sector, government, defence etc. ) across the country. Among others the
projects include:
·
Protective
coating & rehabilitation of large number of bridges, jetties, dams.
·
Seismic
retrofitting of structures
·
Strenthening
of turbo generator foundations
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Structural
strengthening and repairs of corrosion damaged buildings, aqueducts, bridges.
·
Protection
of concrete against corrosion incorporating concrete penetrating corrosion
inhibiting admixtures.
·
Food
grade coatings.
·
Adhesives,
Sealants, Mortars, Grouts, Bonding Agents & Heritage Coatings.
Their
main strength lies in dovetailing structural engineering knowledge
with the polymer / cement chemistry to offer need specific solutions.
Active research & development , coupled with strong research link up with
premier research institutes in the country enable them to offer latest
technologies at affordable costs to customers.
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. 42.53 |
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UK Pound |
1 |
Rs. 83.44 |
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Euro |
1 |
Rs. 66.18 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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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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52 |
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 |
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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 |
|
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 |
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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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