MIRA
INFORM REPORT
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Report Date : |
03.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
NAVDEEP CHEMICALS PRIVATE LIMITED |
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Registered Office : |
5th Floor, New Excelsior Building, A.K Nayak
Marg, Fort, Mumbai - 400 001, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
01.02.1978 |
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Com. Reg. No.: |
020113 |
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CIN No.: [Company
Identification No.] |
U24100MH1978PTC020113 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMN09572D |
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PAN No.: [Permanent
Account No.] |
AAACN0294L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Alkyl
Aryl Sulphonic Acid and ITS Derivatives, Fatty Acids Derivatives, Textile
Finishing Agents, Oil Field Chemicals
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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 357876 |
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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 company having satisfactory track. Trade relations are fair.
General financial position is satisfactory. Payments are usually correct and
as per commitments. The company can
be considered good for normal business dealings at usual trade terms and
conditions. |
LOCATIONS
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Registered Office : |
5th Floor, New Excelsior Building, A.K Nayak
Marg, Fort, Mumbai - 400 001, Maharashtra, India |
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Tel. No.: |
91-22- 2207 4160 / 2207
4157 / 2207 4158 / 2207 4159 |
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Fax No.: |
91-22- 2207 4199 |
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E-Mail : |
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Website : |
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Corporate Office : |
166, Bora Bazaar Street,
Fort, Mumbai – 400001, Maharashtra, India |
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Tel. No.: |
91-22-22613855/22074160 |
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Fax No.: |
91-22-22074199 |
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E-Mail : |
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Website : |
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Factory 1 : |
Plot No. 430,
Plot No. 409, Plot No. 1105 GIDC, Ankleshwar, Gujarat, India |
DIRECTORS
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Name : |
Mr. Deepak
Vijaysinh Bhimani |
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Designation : |
Chairman and
Managing Director |
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Address : |
26, CCI Chambers,
4th Floor, 210/211 Dinshaw Vachha Road, Churchgate, Mumbai –
400020, Maharshtra, India |
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Date of Birth
: |
31.08.1939 |
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Date of Appointment : |
01.02.1978 |
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Email : |
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Name : |
Mrs. Sandhya D
Bhimani |
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Designation : |
Director |
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Address : |
26, CCI Chambers,
4th Floor, 210/211 Dinshaw Vachha Road, Churchgate, Mumbai –
400020, Maharshtra, India |
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Date of Birth
: |
21.12.1944 |
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Date of Appointment : |
01.02.1978 |
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Email : |
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Name : |
Mr. Amit Deepak
Bhimani |
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Designation : |
Director |
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Address : |
26, CCI Chambers,
4th Floor, 210/211 Dinshaw Vachha Road, Churchgate, Mumbai – 400020,
Maharshtra, India |
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Date of Birth
: |
16.11.1967 |
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Date of Appointment : |
06.05.1996 |
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Email : |
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Name : |
Mr. Chandrahadas
C Dayan |
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Designation : |
Director |
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Address : |
Arun, B 7,
Narayan Dabholkar Road, Mumbai – 400006, Maharashtra, India |
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Date of Birth
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31.01.1944 |
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Date of Appointment : |
08.08.1991 |
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Email : |
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Name : |
Mr. Narigehandra
G Ashar |
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Designation : |
Joint Managing
Director |
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Name : |
Mrs. Rajni N
Ashar |
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Designation : |
Director |
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Name : |
Mr. Siddarth N
Ashar |
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Designation : |
Director |
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Name : |
Mr. Navin
Govindji Ashar |
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Designation : |
Managing Director |
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Address : |
257, Lumbini
Kansai Section Ambernath – 421501, Maharashtra, India |
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Date of Birth
: |
31.01.1932 |
KEY EXECUTIVES
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Name : |
Mr. Ajay Kumar |
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Designation : |
Company Sectary |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Alkyl
Aryl Sulphonic Acid and ITS Derivatives, Fatty Acids Derivatives, Textile
Finishing Agents, Oil Field Chemicals
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Products : |
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PRODUCTION STATUS
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Particulars |
Unit |
Installed
Capacity |
Actual
Production |
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Alkely Aryl Sulphonic Acid & IES Derivatives |
KGS |
5220000 |
2936386 |
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Fatty Acid Derivative |
KGS |
550000 |
78694 |
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Taxtile Finishing Chemicals |
KGS |
400000 |
53718 |
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Oil Field Chemicals |
KGS |
740000 |
156123 |
GENERAL
INFORMATION
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No. of Employees : |
70 |
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Bankers : |
· Bank of Baroda Bori
Bunder Branch, Mumbai – 400001, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
G M Kapadia and
Company Chartered
Accountant |
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Address : |
Tamarind House,
36 – B, Tamarind Road, Mumbai – 400001, Maharashtra, India |
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Tel. No.: |
91-22-22653996 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs.100/- Each |
Rs.50.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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200000 |
Equity Shares |
Rs.100/- Each |
Rs.20.000 Millions |
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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 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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20.000 |
10.000 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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69.469 |
67.488 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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89.469 |
77.488 |
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LOAN FUNDS |
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1] Secured Loans |
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40.997 |
40.397 |
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2] Unsecured Loans |
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34.579 |
26.637 |
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TOTAL BORROWING |
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75.576 |
67.034 |
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DEFERRED TAX LIABILITIES |
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3.344 |
4.273 |
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TOTAL |
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168.389 |
148.795 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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90.069 |
91.069 |
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Capital work-in-progress |
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0.315 |
0.921 |
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INVESTMENT |
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0.519 |
0.519 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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32.445 |
30.367 |
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Sundry Debtors |
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77.217 |
54.631 |
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Cash & Bank Balances |
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2.932 |
2.312 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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10.426 |
9.091 |
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Total
Current Assets |
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123.020 |
96.401 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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45.134 |
37.768 |
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Provisions |
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0.400 |
2.347 |
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Total
Current Liabilities |
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45.534 |
40.115 |
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Net Current Assets |
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77.486 |
56.286 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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168.389 |
148.795 |
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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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300.016 |
232.383 |
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Other Income |
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2.325 |
3.165 |
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Total Income |
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302.341 |
235.548 |
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Profit/(Loss) Before Tax |
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17.198 |
14.477 |
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Provision for Taxation |
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10.346 |
8.621 |
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Profit/(Loss) After Tax |
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6.852 |
5.856 |
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Export Value |
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105.296 |
77.366 |
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Import Value |
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NA |
NA |
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Expenditures : |
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Raw Material Consumed |
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153.645 |
116.027 |
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Consumption of stores and spares parts |
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2.076 |
1.294 |
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Increase/(Decrease) in Finished Goods |
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1.414 |
(3.354) |
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Salaries, Wages, Bonus, etc. |
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24.435 |
18.199 |
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Managerial Remuneration |
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3.839 |
3.361 |
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Payment to Auditors |
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0.079 |
0.053 |
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Interest |
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9.973 |
9.134 |
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Insurance Expenses |
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1.653 |
1.470 |
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Power & Fuel |
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13.565 |
11.798 |
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Depreciation & Amortization |
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19.549 |
17.851 |
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Other Expenditure |
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54.915 |
45.238 |
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Total Expenditure |
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285.143 |
221.071 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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2.27 |
2.49 |
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Net Profit Margin (PBT/Sales) |
(%) |
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5.73 |
6.23 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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8.07 |
7.72 |
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Return on Investment (ROI) (PBT/Networth) |
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0.19 |
0.19 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.35 |
1.38 |
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Current Ratio (Current Asset/Current Liability) |
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2.70 |
2.40 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
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Corporate identity
number (CIN) Foreign company registration number |
U24100MH1978PTC020113 |
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Name of the
Company |
NAVDEEP CHEMICALS PRIVATE LIMITED |
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Address |
166, Bora Bazaar
Street, Fort, Mumbai – 400001, Maharashtra, India |
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This form is for |
Modification of
charges |
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Type of Charge |
Equitable
Mortgage or Mortgage of Property by depositing the title deeds |
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Particulars of
the charge holder |
Bank of Baroda Bori Bunder
Branch, Mumbai – 400001, Maharashtra, India |
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Nature or description
of the instrument(s) creating or modifying the charge |
Supplemental
Memorandum of Entry. |
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Date of the
instrument creating or modifying the charge |
16.03.2005 |
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Amount secured by
the charge |
Rs.13.500
Millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of
Interests: As per Banks Norms |
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Short particulars
of the property charged (including location of the property) |
Immovable
Properties at Ankleshwar notified Deed of GIDC Village, Taluka Ankleshwar,
District Baroda |
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Particular of the
present modification |
Charged Reduced
from Rs.73.067 Millions to Rs.72.648 Millions |
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Name of the company |
NAVDEEP
CHEMICALS PRIVATE LIMITED |
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Presented By |
Chief Adviser
(Legal) Gujarat
Industrial Investment Corporation Limited Udyog Bhavan, 5th
Floor, Block No.11 and 12 Sector No.11, Gandhinagar – 382011 |
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1) Date and description of instrument creating the change |
08.03.2000 Deed of
Hypothecation executed by the company in favour of Gujarat Industrial
Investment Corporation Limited (GIIC) (hereinafter referred to as “the
Lender”) A certified copy of the said Deed of Hypothecation is enclosed. |
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2) Amount secured by the charge/amount owing on the securities of charge |
The term loan of
Rs.19.400 Millions Agreed to be lent
and advanced GIIC to the company together with interests, additional
Interests, commitment charges, premia on payment or on redemption, costs,
charges, expenses and all other moneys payable by the company to GIIC in
terms of the loan Agreement dated the 8th day of March, 2000 Between the
company of the one part and the lenders of the other part. |
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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 whole of the
movable properties of the company including its movable plant and machinery,
machinery spares, tools and assets dories and other movables, both present
and future (save and except book debts) preiaining to the project Situate at
Plot No.1105, Ankleshwar in the state of Gujarat Whether installed
or not and whether now lying loose in case or which are now lying or stored
in or about or shall hereinafter from time to time during the continuances of
the security to brought in to or upon to be stored or be in or about the
company factory, premises and godown or whether else the same may be or be
held by any quartly to be order or disposition of the company or in the
course of transit or on high or on order, or delivery, however and whether
over in the possession of the company and either by way of substitution or
addition. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The charge operates
as security inter allia, for the due repayment by the company to GIIC of its
Term Loan of Rs.19.400 Millions together with interests, additional
Interests, commitment charges, premium on payment or on redemption, costs,
charges, expenses and all other moneys payable by the company to GIIC in
terms of the said loan Agreement The charges in
favour of GIIC under the said Deed of hypothecation is subject to the charges
created and/or to be created by the company in favour of its bankers on the
company’s stocks or raw materials, semi finished and finished goods and
consumable stores and book debts and such other moveable as may be
specifically permitted to secure its working capital requirements in the
ordinary course of business. The Company has
undertaken and good condition at its own costs and to insure the same in the
joint names of the company and the lenders. All the goods
hypothecated and all the realization and insurance proceeds thereof and all
documents in respect of the said security are to be kept distinguishable and
held as the exclusive property of the Lenders. The security
created under the said deed of hypothecation is to be a continuing security |
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5) Name and Address and description of the person entitled to the charge. |
Gujarat Industrial
Investment Corporation Limited 5th
Floor, Block No.11 and 12, Sector No.11, Gandhinagar – 382011 |
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6) Date and brief description of instrument modifying the charge |
30.03.2000 No
Instrument was executed but equitable mortgage by deposit of title deeds was
created by the company in favour of GIIC of all immovable properties of the
company including land admeasuring 5901 sq. mtrs. Together with building
structure, erections, fixed plant and machinery both present and future at
1105 GIDC Ankleshwar District Bharuch in the state of Gujarat as security,
interalia, for the due repayments and discharge by the company to GIIC of its
Terms Loan of Rs.19.400 Millions together with interests additional
Interests, commitment charges, premium on payment or on redemption, costs,
charges, expenses and all other moneys payable by the company to GIIC in
terms of the said loan Agreement. |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
The GIIC Term
Loan of Rs.19.400 Millions together with Interests, additional Interests,
commitment charges, premium on payment or on redemption, costs, charges,
expenses and all other moneys payable by the company to GIIC in terms of the
said loan Agreement which is secured
by the said deed of hypothecation dated the 8th day of
March, 2000 being the original charges is now also secured by the said
Equitable Mortgage by deposit of title deeds created by the company on 30th
day of March 2000 in favour of GIIC. |
Fixed
Assets
- Leased Land
- Plant and Machinery
- Furniture and Fixture
- Laboratory Equipment
- Motor Car
- Office Equipment
As per Website details:
Directors Profile:
Mr. Deepak V. Bhimani
Chairman and Managing Director
Mr. Bhimani has done his graduation and post graduation from
Lowell Technological Institute, Lowell, Massachusetts in U.S.A. in the field of
Textile Chemistry.
He is a founder Managing Partner of a chemical factory established in 1964 in
Ambernath near Bombay, manufacturing chemicals for textile and allied products.
He has served on various committees of Indian Chemicals Manufactures Association
and Indian Speciality Chemical Manufactures Association and has been its Vice
President during 1977-78.
Mr. Deepak Bhimani is the Chairman and Managing Director of
subject founded in 1978, having its plants in Ankleshwar, Gujarat. He has
presented a number of papers on flame retardency of Textiles in India and
abroad and on Corrosion Inhibitors.
He has represented the Indian Speciality Chemical
Manufactures Association on the Task Force, an Apex Body setup by ONGC, to
formulate the policies.
Mr. Bhimani is the Past President of Rotary Club of Ambernath and presently
member of Rotary Club of Bombay South and Trustee of various Charitable
Institutions, and is the President of the Amateur Astronomer's Association for
the year 1997-98.
Mr. Bhimani is well travelled in various parts of world in the process of
attending to the various needs of market developments, representing the company
in various Exhibitions, Symposias and forums.
Mr. Amit D. Bhimani
Executive Directors
Mr. Amit D. Bhimani, has done his Masters in the field of Organic Chemistry from the University of Bombay, following which he did Post Graduate research specialising in Chiral Asymmetric Synthesis at Purdue University Indiana USA for a period of 2˝ years, when he also served as a Graduate Instructor. On his return to Bombay he has joined subject. since March ' 95 and is currently the Executive Director responsible for the Research and Development in the Company. He has obtained a Diploma in Business Management from Xavier's Institute of Management.
Mr. Bhimani has represented the company in a Chemexcil Trade Imports, Exports Delegation to the Middle East. He has also represented the company in various Exhibitions, Symposias and forums.
Mr. N R Bhatia
G.M – Commercial
Mr. N.R. Bhatia
holds the key position of G.M - Commercial at the corporate
offices of subject. His main responsibilities pertain to the functioning of the
company and are responsible for:
- Domestic and International purchases.
- Personnel Management and Administrative
duties.
- Interactions with Banking and Financial
institutions.
- Government Laisoning with regards to
company matters.
Mr.
Shridhar Murti
A.G.M – Sales
Mr. Shridhar Murti heads the Sales Department and is the A.G.M - Sales and is responsible for the Sales and Marketing of the products of all the products of the company. He has a team of two assistants who assist him in technical and administrative tasks. He is responsible for:
- Domestic and Overseas Sales.
- Other than that his functions also include:
- Customer identification,
- Customer servicing, and
- After
sales services.
Mr. Vijay
Asar
Works Director
Mr. Vijay Asar is the Works Director of subject and has been entrusted with the responsibility to look after the smooth running of all the three plants in Ankleshwar. He is role in the company includes the following:
- Plant Production
- Quality Control
- Administrative functions of all the plants
- Local Purchases
- Maintainence of Plant and Machinery, Safety
- Project
implementation.
Quality Recognition:
ISO 9001:2000 Accreditation:
The company was awarded ISO 9001:2000 International standard
for its works in Ankleshwar and Office at Mumbai on February 2nd 2003. They are
one of the first few in the field of speciality chemicals to be awarded the ISO
9001:2000 standard. This award was renewed on December 1999 as per the regular
renewal terms.
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.39.92 |
|
UK Pound |
1 |
Rs.79.31 |
|
Euro |
1 |
Rs.60.63 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
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 |
|