MIRA
INFORM REPORT
|
Report Date : |
20.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
CETEX PETROCHEMICALS LIMITED |
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Registered Office : |
Manali Industrial Area, Chennai – 600 068, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
12.03.2003 |
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Com. Reg. No.: |
18-50501 |
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CIN No.: [Company
Identification No.] |
U24119TN2003PLC050501 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEC05298G |
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Legal Form : |
A closely held public limited liability company |
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Line of Business : |
Manufacturer of Methyl Ethyl Ketone (MEK) and Secondary Butyl Alcohol
(SBA). |
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 550000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company meeting its normal
commitments timeously. Trade relations are fair. Business is active. The company can be considered good for normal businewdealings. |
INFORMATION PARTED
BY
|
Name : |
Mr. G Sekar |
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Designation : |
A.G.M. |
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Contact No.: |
91-9940630612 |
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Date : |
17.06.2008 |
LOCATIONS
|
Registered Office : |
Manali Industrial Area, Chennai – 600 068, Tamilnadu, India |
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Tel. No.: |
91-44-25941358 / 24464818 / 89 |
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Mobile No.: |
91-9940630612 |
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Fax No.: |
91-44-25941835 |
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E-Mail : |
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Area : |
52 Acer Fact. |
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Location : |
Owned |
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Corporate Office : |
3A, Dhamodharapuram Main Road, Adayar, Chennai – 600 020, Tamilnadu,
India |
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Tel. No.: |
91-44-24464818 / 819 |
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Fax No.: |
91-44-24464800 |
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E-Mail : |
cetexho@cetexpetro.com |
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Location : |
Rented |
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Branch Office : |
·
Mumbai ·
Delhi |
DIRECTORS
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Name : |
Mr. S Pattu |
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Designation : |
Whole Time Director |
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Address : |
FF2/FF3, CASA XS Apartments, 43/2, Manapakkam Road, Chennai – 600 116,
Tamilnadu, India |
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Date of Birth/Age : |
10.02.1949 |
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Date of Appointment : |
24.11.2003 |
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Name : |
Mr. S. Ilahanai |
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Designation : |
Managing Director |
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Address : |
2, PR Flats, Anthu Street, Santhome High Road, Mylapore, Chennai – 600
004, Tamilnadu, India |
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Date of Birth/Age : |
24.06.1954 |
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Date of Appointment : |
24.11.2003 |
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Name : |
Mr. Zaahir Hussain |
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Designation : |
Whole Time Director |
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Address : |
168-C, III Street, Saibaba Colony, Coimbatore – 641 038, Tamil Nadu,
India |
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Date of Birth/Age : |
24.09.1966 |
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Date of Appointment : |
24.11.2003 |
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Name : |
Mr. M. Arumugam |
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Designation : |
Director |
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Address : |
16, 3rd Street, Jothi Nagar, Uppilipalayam, Coimbatore -
641 038, Tamil Nadu, India |
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Date of Birth/Age : |
07.03.1950 |
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Date of Appointment : |
24.11.2003 |
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Name : |
Mr. P. N. Nagarajan |
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Designation : |
Director |
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Address : |
69, Park Link Road, Vayupuri, Secunderabad – 500 094, Andhra Pradesh,
India |
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Date of Birth/Age : |
09.04.1946 |
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Date of Appointment : |
20.05.2004 |
KEY EXECUTIVES
|
Name : |
Ms. S. Usha |
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Designation : |
Secretary |
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Address : |
D-58, Syndicate Residency, 36, Dr. Thomas Road, T. Nagar, Chennai –
600 017, Tamil Nadu, India |
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Date of Birth/Age : |
05.02.1960 |
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Date of Appointment : |
14.10.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 22.08.2005)
|
Names of Shareholders |
No. of Shares |
|
Standard Energy Products and Chemicals Private Limited |
49940 |
|
Varsha Pattu |
10 |
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S. Ilahanai |
250010 |
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Zaahir Hussain |
250010 |
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S. Pattu |
250010 |
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Sujatha Ilahanai |
10 |
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P. N. Nagarajan |
500000 |
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S. Pattu jointly with S. Ilahanai and Zaahir Hussain |
250010 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
|
Category |
Percentage |
|
Bodies Corporate |
1.00 |
|
Directors or relatives of Director |
99.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Methyl Ethyl Ketone (MEK) and Secondary Butyl Alcohol
(SBA). |
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Exports : |
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Countries : |
·
Sri Lanka ·
Singapore |
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Imports : |
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Products : |
MEK Products |
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Countries : |
Singapore |
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Terms : |
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Selling : |
Credit – 30 days |
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Purchasing : |
L/C and Credit – 90 days |
GENERAL
INFORMATION
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Customers : |
Manufacturers |
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No. of Employees : |
130 |
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Bankers : |
·
State Bank of India Commercial Branch (Chennai), P. B. No. 1282,
232, NSC Bose Road, Chennai – 600 001, Tamil Nadu, India ·
UCO Bank Chennai Main Branch, No. 328, Thambu Chetty Street, Chennai – 600 001,
Tamil Nadu, India |
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Facilities : |
Rs.520.000 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
P. Ranga Ramanujam Chartered Accountant M/S. Padmanabhan Ramani and Ramanujam, 1F, Arudhra, 15, Habibullah
Road, T. Nagar, Chennai – 600 017, Tamil Nadu, India. |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4000000 |
Equity Shares |
Rs.10/- Each |
Rs.40.000 millions |
|
3500000 |
Preference Shares |
Rs.10/- Each |
Rs.35.000 millions |
|
|
Total |
|
Rs.75.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4000000 |
Equity Shares |
Rs.10/- Each |
Rs.40.000 millions |
|
3500000 |
Preference Shares |
Rs.10/- Each |
Rs.35.000 millions |
|
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Total |
|
Rs.75.000
millions |
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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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|
|
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1] Share Capital |
75.000 |
75.000 |
15.500 |
|
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2] Share Application Money |
0.000 |
0.000 |
59.500 |
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3] Reserves & Surplus |
35.457 |
28.279 |
13.286 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
110.457 |
103.279 |
88.286 |
|
|
LOAN FUNDS |
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1] Secured Loans |
267.412 |
195.194 |
64.489 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
267.412 |
195.194 |
64.489 |
|
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DEFERRED TAX LIABILITIES |
15.869 |
10.709 |
7.471 |
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TOTAL |
393.738 |
309.182 |
160.246 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
131.480 |
136.678 |
126.415 |
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Capital work-in-progress |
77.490 |
14.032 |
0.825 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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Inventories |
53.503
|
52.752 |
28.239 |
|
|
Sundry Debtors |
162.892
|
119.334 |
82.644 |
|
|
Cash & Bank Balances |
18.593
|
49.502 |
20.501 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
65.005
|
43.174 |
22.089 |
|
Total
Current Assets |
299.993
|
264.762 |
153.473 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
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Current Liabilities |
115.726
|
105.875 |
126.980 |
|
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Provisions |
2.756
|
5.300 |
0.000 |
|
Total
Current Liabilities |
118.482
|
111.175 |
126.980 |
|
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Net Current Assets |
181.511
|
153.587 |
26.493 |
|
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MISCELLANEOUS EXPENSES |
3.257 |
4.885 |
6.513 |
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TOTAL |
393.738 |
309.182 |
16.246 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
701.589 |
586.035 |
465.945 |
|
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Other Income |
2.027 |
11.600 |
12.793 |
|
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Total Income |
703.616 |
597.635 |
478.738 |
|
|
|
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|
|
|
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Profit/(Loss) Before Tax |
15.094 |
23.531 |
22.481 |
|
|
Provision for Taxation |
7.916 |
8.538 |
9.158 |
|
|
Profit/(Loss) After Tax |
7.178 |
14.993 |
13.323 |
|
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|
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Earnings in Foreign Currency : |
|
|
|
|
|
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Export Earnings |
61.501 |
18.203 |
49.052 |
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Expenditures : |
|
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|
|
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Raw Material Consumed |
339.641 |
232.595 |
205.333 |
|
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Purchases made for re-sale |
156.547 |
133.957 |
38.324 |
|
|
Consumption of stores and spares parts |
3.581 |
5.465 |
6.532 |
|
|
Increase/(Decrease) in Finished Goods |
8.553 |
(25.829) |
(9.621) |
|
|
Salaries, Wages, Bonus, etc. |
20.846 |
23.894 |
18.833 |
|
|
Managerial Remuneration |
5.155 |
6.562 |
6.562 |
|
|
Payment to Auditors |
0.230 |
0.223 |
0.172 |
|
|
Interest |
19.898 |
14.283 |
9.673 |
|
|
Insurance Expenses |
1.829 |
3.528 |
2.065 |
|
|
Power & Fuel |
44.719 |
41.681 |
30.232 |
|
|
Depreciation & Amortization |
6.815 |
6.427 |
4.759 |
|
|
Other Expenditure |
80.708 |
131.318 |
143.393 |
|
Total Expenditure |
688.522 |
574.104 |
456.257 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
1.02
|
2.51 |
2.78 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.15
|
4.02 |
0.53 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.50
|
5.86 |
8.03 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14
|
0.23 |
0.25 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.50
|
2.97 |
2.17 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.53
|
2.38 |
1.21 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References :
·
Dr. Reddy’s Laboratory – Hyderabad
·
Divis Laboratory – Hyderabad
·
Chennai Petroleum Corporation - Chennai
Form. No. 8
|
Name of the company |
CETEX PETROCHEMICALS LIMITED |
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Presented By |
Mr. S. Ilanahai,
Managing Director |
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1) Date and description of instrument creating the change |
a)
Deed of
Hypothecation of Movable Plant and Machinery to secure a term loan dated
22.04.2004. b)
Agreement
relating to Term Loan dated 22.04.2004 c)
Hypothecation
and Book Debts to secure term loan and guarantee dated 22.04.2004 d)
Agreement
for extension of charge by way of hypothecation over current assets to secure
non-fund based facilities dated 22.04.2004 e)
Hypothecation
of Plant and Machinery / goods as additional security dated 22.04.2004 f)
Hypothecation
of goods to secure Term Loan and Guarantee dated 22.04.2004 |
|||||||||||||||||||||
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2) Amount secured by the charge/amount owing on the securities of charge |
·
Term Loan of
Rs. 50.000 millions ·
Bank Guarantee
for Export Performance (Non-fund based) Rs. 95.000 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 |
The financial
assistance sanctioned in S1. No.2 is secured by all stocks of raw materials,
work-in-progress, finished goods comprising Methyl/ Ethyl Ketone and fine
chemicals etc. and all other articles, goods, stocks and movable property of
any kind whatsoever, which now or hereafter from time to time during the
security shall be brought in to stored or be in or about the borrower’s
premises, godown, open spaces, factories etc. or wherever else they may be
including in particular such stocks stored or to be stored in the they may be
including in particular such stocks stored or to be stored in the premises /
warehouses / godowns situate at Manali, Chennai 600 068 besides the present
and future book-debts, plant and machinery / good of the Company. |
|||||||||||||||||||||
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4) Gist of the terms and conditions and extent and operation of the charge. |
The entire term
loan of Rs. 50.000 millions is repayable in five years time including initial
moratoriam of six months. The term loan carries an interest at the rate of
1.5% above the UCOBPLR subject to a minimum of 12.5% per annum with monthly
rests. The Term Loan is repayable in a total 18 quarterly instalments out of
which 16 equal instalments will be Rs. 2.500 millions and last two
instalments will be Rs.5.000 millions each. The non-fund based facility viz.
Guarantee for export performance of Rs.95.000 millions is also secured by
first charge created for the Term Loan of Rs. 50.000 millions. |
|||||||||||||||||||||
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5) Name and Address and description of the person entitled to the charge. |
UCO Bank Chennai Main
Branch, No. 328, Thambu Chetty Street, Chennai – 600 001, Tamil Nadu, India |
|||||||||||||||||||||
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6) Date and brief description of instrument modifying the charge |
1.
Agreement
for Hypothecation of Plant and Machinery/Goods as Additional Security dated
23.12.2005. 2.
Agreement for
Extension of charge by way of Hypothecation over current assets to secure
non-fund based facilities dated 23.12.2005. |
|||||||||||||||||||||
|
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 limits are
modified as follows: (Amount in
Millions)
|
|
Corporate
identity number of the company |
U24119TN2003PLC050501 |
|
Name of the
company |
CETEX PETROCHEMICALS LIMITED |
|
Address of the registered
office or of the principal place of
business in India of the company |
Manali Industrial Area, Chennai – 600 068, Tamilnadu, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
·
Immovable
property ·
Book debts ·
Movable property
(not being pledge) |
|
Particular of
charge holder |
State Bank of India Commercial Branch (Chennai), P. B. No. 1282, 232, NSC Bose Road,
Chennai – 600 001, Tamil Nadu, India |
|
Nature of
instrument creating charge |
·
Supplemental
Agreement of Hypothecation of Goods and Assets for Increases in the Overall
Limit dated 21st September 2007 with State bank of India increase
the limit from Rs.410.000 millions to 482.500 millions. ·
Supplemental
Agreement of Loan for increase in the overall limit dated 21st
September 2007 with State Bank of India increase the limit from Rs.410.000
millions to 482.500 millions. ·
Letter
regarding grant of individual limits within the overall limit dated 21st
September 2007 with State Bank of India. |
|
Date of instrument
Creating the charge |
21.09.2007 |
|
Amount secured by
the charge |
Rs.482.500
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate of
Interest As stipulated by the Bank from time to time. ·
Terms of
repayment As stipulated by the Bank. ·
Margin As stipulated by the Bank. ·
Extent and
operation of the charge Hypothecation of entire stocks of RM, SIP, Stores and spares, Fg and
Book Debts of the Company. Exclusive first chage on : a) EM of factory Land B at Manali,
Comprising of i) Land – 23.33 acres extent in village No. 24, Sathangadu, S.
No. 268, 269, 270, 271/1,2, 272 and 273 ii) Land – 27.91 acres in village No.
25, Chionnasekkadu, S. No. s 74/1, 75/4 and 5, 76/1 and 2, 77/1to8, 78/1to3,
79/1to9 and 67/7to10 iii) Buildings on the land mentioned in i) above. b) P
and M and other fixed Assets. |
|
Particulars of
the property charged |
Hypothecation of
entire stocks of RM, SIP, Stores and spares, Fg and Book Debts of the
Company. Exclusive first chage
on : a) EM of factory Land B at Manali, Comprising of i) Land – 23.33 acres
extent in village No. 24, Sathangadu, S. No. 268, 269, 270, 271/1,2, 272 and
273 ii) Land – 27.91 acres in village No. 25, Chionnasekkadu, S. No. s 74/1,
75/4 and 5, 76/1 and 2, 77/1to8, 78/1to3, 79/1to9 and 67/7to10 iii) Buildings
on the land mentioned in i) above. b) P and M and other fixed Assets. |
|
Particulars of
the present modification |
·
The total
limits has been increased from Rs.410.000 millions to Rs.482.500 millions. ·
Limits with
UCO Bank since closed. |
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.42.93 |
|
UK Pound |
1 |
Rs.84.17 |
|
Euro |
1 |
Rs.66.82 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
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 |
|