MIRA
INFORM REPORT
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Report Date : |
17.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
WESTMAN CHEMICALS PRIVATE LIMITED |
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Registered Office : |
61/4, Mulund Colony, Opposite Bank of Maharashtra, Mulund, Mumbai,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
01.01.1988 |
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Com. Reg. No.: |
045759 |
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CIN No.: [Company
Identification No.] |
U24110MH1988PTC045759 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMW02338A |
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PAN No.: [Permanent
Account No.] |
AAACW0354L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Organic and Inorganic 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 10000 |
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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 meeting its normal
commitments timeously. Trade
relations are fair. Business is
active. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mrs. Minal Bandivdekar |
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Designation : |
Accounts Manager |
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Contact No.: |
91-9324314258 |
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Date : |
14.06.2008 |
LOCATIONS
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Registered Office : |
61/4, Mulund Colony, Opposite Bank of Maharashtra, Mulund, Mumbai 400082,
Maharashtra, India |
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Tel. No.: |
91-22-25685636 / 25642647 / 25694674 |
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Fax No.: |
91-22-25644379 |
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E-Mail : |
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Website : |
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Area : |
500 Sq. fts. |
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Location : |
Owned |
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Factory 1 : |
Located at Taloja |
DIRECTORS
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Name : |
Mr. Jagadish Gopalji Jha |
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Designation : |
Director |
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Address : |
A – 902, Runwal Tower, Opposite Veena Nagar, LBS Marg, Mulund [West],
Mumbai 400082, Maharashtra, India |
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Date of Birth/Age : |
28.05.1948 |
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Date of Appointment : |
01.01.1988 |
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Name : |
Mr. Gopalji Chetan Jha |
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Designation : |
Director |
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Address : |
A – 902, Runwal Tower, Opposite Veena Nagar, LBS Marg, Mulund [West],
Mumbai 400082, Maharashtra, India |
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Date of Birth/Age : |
12.01.1975 |
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Date of Appointment : |
01.02.1993 |
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Name : |
Mr. Krishnakant Jha |
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Designation : |
Director |
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Address : |
A – 14 – 102, Veena Nagar, LBS Marg, Mulund [West], Mumbai 400080,
Maharashtra, India |
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Date of Birth/Age : |
10.02.1964 |
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Date of Appointment : |
19.11.2000 |
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Name : |
Mrs. Sudha Jha |
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Designation : |
Director |
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Qualification : |
S.S.C. |
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Name : |
Mr. Gautam Jha |
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Designation : |
Director |
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Date of Birth/Age : |
54 Years |
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Qualification : |
Doctor |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Gopalji Jha |
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1925 |
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Sudha Jha |
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1050 |
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Gautam Jha |
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350 |
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Equity Share
Break-up [As on 31.03.2007] |
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Percentage of
Holding |
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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 : |
Manufacturer and Exporter of Organic and Inorganic Chemicals |
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Exports : |
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Countries : |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
L/C, Advance |
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Purchasing : |
L/C |
GENERAL
INFORMATION
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Customers : |
Manufacturers |
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No. of Employees : |
40 |
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Bankers : |
Canara Bank, A. R. Street, Mumbai ICICI Bank, Mulund Branch, Mumbai |
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Facilities : |
C/C, PC, FBD Rs. 3.500 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Rajendra K. Thar [Thar and Associates] Chartered Accountants |
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Address : |
10, Ambe Ashish, 3rd Floor, 32, Dariyasthan Street, Masjid
Bunder, Mumbai 400003, Maharashtra, India |
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Associates/Subsidiaries : |
Mithila Rasayan Private Limited Address: W-57/C, MIDC Industrial Estate, Mankuti Area, Badalapur
421504 Line of Business: Manufacturer and Exporter of Organic and Inorganic
Chemicals |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000 |
Equity Shares |
Rs. 100/- each |
Rs. 0.500 Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
3675 |
Equity Shares |
Rs. 100/-
each |
Rs. 0.367
Million |
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 |
0.367 |
0.367 |
0.367 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.653 |
1.728 |
1.683 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
2.020 |
2.095 |
2.050 |
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LOAN FUNDS |
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1] Secured Loans |
2.052 |
1.307 |
0.323 |
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2] Unsecured Loans |
2.644 |
2.545 |
1.472 |
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TOTAL BORROWING |
4.696 |
3.852 |
1.795 |
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DEFERRED TAX LIABILITIES |
0.133 |
0.189 |
0.000 |
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TOTAL |
6.849 |
6.136 |
3.845 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.736 |
1.382 |
1.653 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.281 |
0.173 |
0.147 |
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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 |
2.575
|
1.846 |
2.908 |
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Sundry Debtors |
1.947
|
1.206 |
0.684 |
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Cash & Bank Balances |
0.137
|
0.110 |
0.094 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
2.460
|
2.905 |
0.466 |
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Total
Current Assets |
7.119
|
6.067 |
4.152 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
1.609
|
1.148 |
1.496 |
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Provisions |
0.678
|
0.342 |
0.619 |
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Total
Current Liabilities |
2.287
|
1.490 |
2.115 |
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Net Current Assets |
4.832
|
4.577 |
2.037 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.004 |
0.008 |
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TOTAL |
6.849 |
6.136 |
3.845 |
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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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Total Income |
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13.416 |
6.155 |
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Profit/(Loss) Before Tax |
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[0.124] |
0.022 |
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Provision for Taxation |
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-- |
-- |
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Profit/(Loss) After Tax |
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[0.124] |
0.022 |
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Earnings in Foreign Currency : |
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3.683 |
1.417 |
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Expenditures : |
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Interest |
|
0.332 |
0.260 |
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Depreciation & Amortization |
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0.298 |
0.268 |
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Other Expenditure |
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12.910 |
5.605 |
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Total Expenditure |
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13.540 |
6.133 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
0.93
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0.36 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
0.93
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0.36 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.40
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0.29 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.06
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0.01 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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3.46
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2.55 |
1.91 |
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Current Ratio (Current Asset/Current Liability) |
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3.11
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4.07 |
1.96 |
LOCAL AGENCY
FURTHER INFORMATION
OTHER
INFORMATION:-
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PARAMETER |
DETAIL |
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Statutory
Approval |
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Income Tax Registration |
AAACW0354L |
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VAT / TIN Registration |
27490024850V |
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Import Export Code |
0399030565 |
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Name of Bank |
Canara Bank |
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Current Account Number |
6690 |
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Account Since |
1985 onwards |
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Credibility
Factors |
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India Mart Client Since |
3 Years |
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Trade
Affiliations |
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SSI Registration |
YES |
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Export Promotion Council |
YES |
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Chambers of commerce Membership |
YES |
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Standard and
certifications |
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Quality Management Systems |
NO |
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Environment Management Systems |
NO |
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Product Certificates |
NO |
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Other Certificates |
NO |
Form 8
Bankers Charges
Report as per Registry
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Name of the company |
WESTMAN CHEMICALS
PRIVATE LIMITED |
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Presented By |
Canara Bank A. R. Street,
Mumbai 400003, Maharashtra, India E-mail: sjatechmumbai@vsnl.net |
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1) Date and description of instrument creating the change |
Agreement of
hypothecation dated the 20.03.1989 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.300 Million |
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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 present and
future, stocks of the borrower and bokk debts, due to the borrower |
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4) Gist of the terms and conditions and extent and operation of the charge. |
To secure the OCC
Facility granted by the bank to the borrower |
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5) Name and Address and description of the person entitled to the charge. |
Canara Bank A. R. Street, Mumbai 400003 |
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6) Date and brief description of instrument modifying the charge |
Supplemental Collateral
security agreement dated 19.06.1998 |
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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 earlier
modifications dated 28.03.1989, 15.02.1993 and 1103.1996 the limit had been
enhanced upto Rs. 2.000 Millions and also by modifications dated 02.04.1997
and 27.01.1998 the additional security, in respect of immovable properties
and plant and machinery had been provided by the borrower to secure OCC limit
of Rs. 2.000 Millions. By this
modification also the additional security in respect of plant and machinery
as per annexure to the agreement has been provided by the borrower to secure
OCC limit of Rs. 2.000 Millions granted by the bank to the borrower. Therefore, the
overall charge still remains at Rs. 2.000 Millions |
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This form is for |
Modification of
charge |
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Charge
identification number of the charge to be modified |
10013331 |
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Corporate identity
number of the company |
U24110MH1988PTC045759 |
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Name of the
company |
WESTMAN
CHEMICALS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
61/4, Mulund Colony, Opposite Bank of Maharashtra, Mulund, Mumbai,
Maharashtra, India |
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Type of charge |
|
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Particular of
charge holder |
Canara Bank A. R. Street,
Mumbai 400003, Maharashtra, India E-mail: sjatechmumbai@vsnl.net |
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Nature of
description of the instrument creating or modifying the charge |
Common
hypothecation agreement |
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Date of
instrument Creating the charge |
07.05.2007 |
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Amount secured by
the charge |
Rs. 3.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
[a] Rate of
interest Interest for
OCC/BD @ 15% FDB/FBE @ 10% PC
@ 10% [b] Terms of
repayment On demand [c] Margin As per Agreement [d] Extent and
operation of the charge 100% [e] others The above is to
secure OCC/BD limit of Rs. 2.000 Millions and PC/FDB/FBE of Rs. 1.000
Million |
|
Short particulars
of the property charged |
Hypothecation of stocks
and book debts and collateral security of plant and machinery |
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Particulars of
the present modification |
Extent of
operation of charge over hypothecation of stocks and book debts and
collateral security of plant and machinery stands extended for OCC/BD limit
of Rs. 2.000 Millions and PC/FDB/FBE of Rs. 1.000 Million aggregating to Rs.
3.000 Millions |
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. 42.87 |
|
UK Pound |
1 |
Rs. 83.41 |
|
Euro |
1 |
Rs. 66.11 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
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|
|
--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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. |
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 |
|