MIRA
INFORM REPORT
|
Report Date : |
13.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
MELZER CHEMICALS PRIVATE LIMITED |
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Registered Office : |
Unique Chambers Office No.1925/B/1 F C Road, Shivaji Nagar, Pune –
411005, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
19.09.1994 |
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Com. Reg. No.: |
081199 |
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CIN No.: [Company
Identification No.] |
U24249MH1994PTC081199 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEM01541B |
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Legal Form : |
Private limited liability Company |
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Line of Business : |
Manufacturer of Speciality Chemicals |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 62644 |
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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 company having satisfactory track. Trade
relations are fair. Financial positions 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. This report was based on an interview
with Mr. Chandrasen Ghatge, Director of the company |
INFORMATION PARTED
BY
|
Name : |
Mr. Chandrasen Ghatge |
|
Designation : |
Director |
|
Date : |
10.05.2008 |
LOCATIONS
|
Registered Office : |
Unique Chambers Office No.1925/B/1 F C Road, Shivaji Nagar, Pune –
411005, Maharashtra, India |
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Tel. No.: |
91-20-5651230 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Branch Office : |
Pune 12,
Vee Nimbkar Society, 80/4 Baner Road, Aundh, Pune – 411007, India Tel : 91 - 20 - 25651230 Fax :91 - 20 - 25656530 Mumbai 117, Punit
Chambers, Sector No. 18, Vashi, Navi Mumbai – 400705, India Tel : 91 - 22 - 27871332 Fax :91 - 22 - 27889251 |
|
Location : |
Owned |
DIRECTORS
|
Name : |
Mr. Sunil Balkrishna Shinde |
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Designation : |
Director |
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Address : |
Flat No.5, Silver Birch Apartments, Lakaki Road, Model Colony, Pune –
411016, Maharashtra, India |
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Date of Birth/Age : |
02.05.1960 |
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Date of Appointment : |
19.09.1994 |
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Name : |
Mr. Shivaji Balkrishna Shinde |
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Designation : |
Director |
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Date of Birth/Age : |
01.01.1955 |
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Name : |
Mrs. Madhavi Sunil Shinde |
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Designation : |
Director |
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Date of Birth/Age : |
01.01.1963 |
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Name : |
Mrs. Harshila Shivaji Shinde |
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Designation : |
Director |
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Date of Birth/Age : |
01.01.1958 |
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|
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Name : |
Mr. Satyaji Jitendra Nimbalkar |
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Designation : |
Director |
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Address : |
H-14 Shinde Gardens, S No.40A/1/1, Bopodi, Pune – 411003, Maharashtra,
India |
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Date of Birth/Age : |
18.06.1971 |
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Date of Appointment : |
19.09.1994 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
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Mr. Sunil Balkrishna Shinde |
|
40 |
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Mr. Shivaji Balkrishna Shinde |
|
10 |
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Mrs. Madhavi Sunil Shinde |
|
10 |
|
Mrs. Harshila Shivaji Shinde |
|
10 |
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Mr. Satyaji Jitendra Nimbalkar |
|
10 |
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Mrs. Sunita Shinde |
|
10 |
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Mr. Anil Shinde |
|
10 |
|
Mr. Balkrishna Shinde |
|
10 |
|
Mrs. Shakuntala Shinde |
|
10 |
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Mr. Sunil Balkrishna Shinde (HUF) |
|
10 |
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Mr. Anil Shinde (HUF) |
|
10 |
|
Mr. Balkrishna Shinde (HUF) |
|
10 |
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Total |
|
150 |
(As on 31.03.2007)
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Category |
|
Percentage |
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|
|
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Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Speciality Chemicals |
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Products : |
Chemicals |
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Exports : |
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Products : |
Special in Chemicals |
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Countries : |
· Europe · Far East · Asia |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
Europe |
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Terms : |
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Selling : |
Cash and Credit (30-60 days) |
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Purchasing : |
Cash and Credit (30-60 days) |
GENERAL
INFORMATION
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Customers : |
· Wholesalers · Retailers · End Users |
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No. of Employees : |
56 (Office – 10 and 46 – Factory) |
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Bankers : |
· Bank of India Khadki, Pune – 411003, Maharashtra, India |
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Banking
Relations : |
Good |
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Auditors : |
Not Available |
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Associates/Subsidiaries : |
Shinde
Developers Private Limited Infrastructure Company Hotel Pushkar
Group Limited Pune |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
750000 |
Equity Shares |
Rs.10/- each |
Rs.7.500 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 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
7.500 |
7.500 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
0.000 |
0.000 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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5] Profit and Loss Account |
|
8.161 |
5.011 |
|
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NETWORTH |
|
15.661 |
12.511 |
|
|
LOAN FUNDS |
|
|
|
|
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1] Secured Loans |
|
15.302 |
8.006 |
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2] Unsecured Loans |
|
10.234 |
12.631 |
|
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TOTAL BORROWING |
|
25.536 |
20.637 |
|
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
|
41.197 |
33.148 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
16.007 |
12.063 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
|
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Inventories |
|
10.282 |
8.380 |
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Sundry Debtors |
|
1.055 |
0.689 |
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Cash & Bank Balances |
|
29.712 |
20.685 |
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Other Current Assets |
|
2.748 |
0.991 |
|
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Loans & Advances |
|
5.161 |
1.408 |
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Total
Current Assets |
|
48.958 |
32.153 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
|
|
|
Current Liabilities |
|
23.768 |
11.068 |
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Provisions |
|
0.000 |
0.000 |
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Total
Current Liabilities |
|
23.768 |
11.068 |
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Net Current Assets |
|
25.190 |
21.085 |
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|
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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|
|
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TOTAL |
|
41.197 |
33.148 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
79.715 |
65.589 |
|
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Other Income |
|
1.410 |
0.416 |
|
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Total Income |
|
81.125 |
66.005 |
|
|
|
|
|
|
|
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Profit/(Loss) Before Tax |
|
5.610 |
8.760 |
|
|
Provision for Taxation |
|
2.253 |
1.797 |
|
|
Profit/(Loss) After Tax |
|
3.357 |
6.963 |
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Expenditures : |
|
|
|
|
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Cost of Goods Sold |
|
51.813 |
43.178 |
|
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Administrative Expenses |
|
9.078 |
6.885 |
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Salaries, Wages, Bonus, etc. |
|
4.373 |
3.238 |
|
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Director Remuneration |
|
5.617 |
0.975 |
|
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Auditors Remuneration |
|
0.100 |
0.085 |
|
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Interest and Financial Charge |
|
2.308 |
1.415 |
|
|
Depreciation & Amortization |
|
2.226 |
1.469 |
|
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Other Expenditure |
|
0.000 |
0.000 |
|
Total Expenditure |
|
75.515 |
57.245 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
4.14 |
10.55 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
|
7.04 |
13.35 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
8.63 |
19.81 |
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.36 |
0.70 |
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Debt Equity Ratio (Total Liability/Networth) |
|
|
3.15 |
2.53 |
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Current Ratio (Current Asset/Current Liability) |
|
|
2.06 |
2.90 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
|
Corporate
identity number (CIN) Foreign company registration number |
U24249MH1994PTC081199 |
|
Name of the
Company |
MELZER CHEMICALS PRIVATE LIMITED |
|
Address |
Unique Chambers Office No.1925/B/1 F C Road, Shivaji Nagar, Pune –
411005, Maharashtra, India |
|
This form is for |
Modification of charge |
|
Type of Charge |
·
Movable
property (not being pledge) ·
Others Securities,
Goods, Documents of Title to goods etc. |
|
Particulars of
the charge holder |
Bank of India Khadki, Pune – 411003, Maharashtra, India CIN : U99999MH1906PTC000243 Email : boikhadkibr@vsnl.net |
|
Nature or
description of the instrument(s) creating or modifying the charge |
Deed of
Hypothecation |
|
Date of the
instrument creating or modifying the charge |
29.03.2007 |
|
Amount secured by
the charge |
Rs.3.500 Millions |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of
Interests: 0.5% OBPLR
Minimum 13% Monthly Rests. Terms of
Repayments: On Demand Margin: Margin 25% Extent and
operation of the charge: First and Exclusive
charge over the Stocks |
|
Short particulars
of the property charged (including location of the property) |
All security,
Stock, Goods, Documents of Title to Goods and other Properties Belonging to
the company |
|
Particular of the
present modification |
Now by way of
this Modification Cash Credit Facility Enhanced from Rs.2.500 Millions to
Rs.3.500 Millions. |
|
Name of the company |
MELZER CHEMICALS PRIVATE LIMITED |
|
Presented By |
Mr. Sunil
Balkrishna Shinde, Director |
|
1) Date and description of instrument creating the change |
Agreement of
Hypothecation to secure demand loan/ Cash Credit Dated 29th June
1999. |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.0.550 Million |
|
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 |
Stock of
Chemicals like oxyalic acid, ethyl, alcohol, solvent etc. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Payable on demand Interests Payable
@16% p.a. with quarterly rests. |
|
5) Name and Address and description of the person entitled to the charge. |
Bank of India Express Towers, Nariman Point, Mumbai – 400021, India |
|
6) Date and brief description of instrument modifying the charge |
Agreement dated
02.06.2005 which is Supplementary to the Agreement of Hypothecations dated 29.06.1999 |
|
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. |
Vide Agreement of
hypothecation to secure demand loan cash credit dated 29.06.1999 the company
was granted a cash credit limit of Rs.0.550 Million which is registered at
Sr. No.26/27 dated 19.04.2001 The first
Modification was made vide
supplementary agreement dated 01.12.2004 where the cash credit limit was
raised from Rs.0.550 to Rs.1.500 Millions which is registered at Sr.
No.41/42dated 04.02.2005 No vide this vide
supplementary agreement dated 02.06.2005 the cash credit limit was raised
from Rs.1.500 Millions to Rs.2.500 Millions All other
conditions remain the same. |
Website details
Profile:
Subject started about a decade ago through a sense of
entrepreneurship, and soon achieved a very respectable business status in India
and outside through professionalism at every level of operations. Young
competent teams at Melzer mean modern outlook, but with the assurance of
matured and disciplined work. A part of their Group is also engaged in India in
infrastructure development and maintenance; thus it is responding to the needs
of common persons for making his everyday life lot easier, but through governance
of the respective authorities in India for this work. Two independent
manufacturing sites for “Speciality Care-products” near Pune provide subject
base to meet customers’ requirements.
Subject is a number of antimicrobial Chemical Actives are manufactured,
which are mostly required for captive consumption in formulations. Subject
often receives additional support from the experts in National Scientific
Laboratories to remain up-dated. On product-usages, Subject also makes
ever-extending application-technology packets available to their clients.
Subject has global presence today in the form of products, often with their
registration status and through distribution network of the Business Partners.
Their strength is built from innovation, which is out of a
fundamental need, creation but with discipline, and from structured working
with degree of flexibility. Their asset is availability of vast human resource.
Their tools are the state-of-the-art manufacturing facilities supported by
modern laboratories.
As there exist a huge range of actives, subject
Antimicrobial Care-products® find use in number of applications,
whether it is circulating-water treatment, cooling tower maintenance, paper
industry, wood, dairy, poultry, food industries; or the decorative industries
like paints, inks, adhesives, electroplating; or fashion and essential industry
like cosmetics, leather and textiles; or the supportive like starches and gums,
ceramics, minerals and mines and oils; or the business activities like cold storages;
or in recreational activities like swimming; and in hygienic care for the best
human health.
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.41.68 |
|
UK Pound |
1 |
Rs.81.23 |
|
Euro |
1 |
Rs.64.13 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--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 |
|