MIRA
INFORM REPORT
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Report Date : |
08.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
AVA CHEMICALS PRIVATE LIMITED |
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Registered Office : |
1/20 B, Narayan Plaza, 26-A, Chandivali Andheri (East), Mumbai 400072,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
28.11.1985 |
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Com. Reg. No.: |
038183 |
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CIN No.: [Company
Identification No.] |
U27100MH1985PTC038183 |
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IEC No.: |
03890441568 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of 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 122700 |
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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. Financial position is good. Payments are usually correct and
as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Ms. Manisha |
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Designation : |
Accountant |
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Date : |
07.10.2008 |
LOCATIONS
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Registered Office : |
1/20 B, Narayan Plaza, 26-A, Chandivali Andheri (East), Mumbai 400072,
Maharashtra |
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Tel. No.: |
91-22-28475505 |
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Fax No.: |
91-22-28475790 |
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E-Mail : |
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Website : |
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Area : |
3000 sq ft |
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Location : |
Owned |
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Factory 1 : |
W/59 MIDC, Post Kulgaon Dist Thane 421503, Maharashtra. |
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Tel. No.: |
91-95251-2690202 |
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Factory 2 : |
W/91, MIDC, Post Kulgaon Dist Thane 421503, Maharashtra. |
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Factory 3 : |
Shed No 13, Plot 13 and 14, Post Kulgaon Dist Thane 421503,
Maharashtra. |
DIRECTORS
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Name : |
Mr. Pahlaj K Bhatia |
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Designation : |
Director |
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Address : |
803, Norita Hiranandani Gardens Powai Mumbaii 400076, Maharashtra. |
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Tel : |
91-22-25705270 |
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Date of Birth/Age : |
29.09.1940 |
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Qualification : |
Bsc |
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Date of Appointment : |
02.12.1985 |
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Name : |
Mr. Jagdish K Bhatia |
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Designation : |
Director |
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Address : |
802, Norita Hiranandani Gardens Powai Mumbaii 400076, Maharashtra. |
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Tel : |
91-22-25706210 |
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Date of Birth/Age : |
25.11.1949 |
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Qualification : |
Bsc |
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Date of Appointment : |
31.03.1986 |
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Name : |
Mr. Mohanlal K Bhatia. |
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Designation : |
Director |
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Address : |
1102, Norita Hiranandani Gardens Powai Mumbaii 400076, Maharashtra. |
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Tel : |
91-22-25700811 |
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Date of Birth/Age : |
05.03.1935 |
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Date of Appointment : |
06.11.1986 |
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Name : |
Vijay M. Bhatia |
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Designation : |
Director |
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Address : |
1102, Norita Hiranandani Gardens Powai Mumbaii 400076, Maharashtra. |
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Tel : |
91-22-25706880 |
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Date of Birth/Age : |
13.11.1968 |
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Date of Appointment : |
01.04.2005 |
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Name : |
Haresh K Bhatia |
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Designation : |
Director |
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Address : |
903, Norita Hiranandani Gardens Powai Mumbaii 400076, Maharashtra. |
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Tel : |
91-22-25706211 |
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Date of Birth/Age : |
28.02.1947 |
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Date of Appointment : |
01.04.2006 |
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Name : |
Mr. Amit H: Bhatia |
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Designation : |
Director |
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Address : |
903, Norita Hiranandani Gardens Powai Mumbaii 400076, Maharashtra. |
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Tel : |
91-22-25706211 |
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Date of Birth/Age : |
28.09.1978 |
KEY EXECUTIVES
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Name : |
V Sundaram and company |
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Designation : |
Company Secretary |
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Address : |
B-204, Parijat, 90 Feet Road, Thakur Complex, Kandivli (E), Mumbai
400101 |
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Tel : |
91-22-28541629 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
( As per 23.09.2005):
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Names of Shareholders |
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No. of Shares |
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Mr. Pahlaj K Bhatia |
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2728 |
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Mr. Jagdish K Bhatia |
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2821 |
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Ms. Rekha M Bhatia |
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2800 |
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Mr. Mohan K Bhatia |
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890 |
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Ms. Pushpa Bhatia |
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2652 |
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Mr. Vijay M Bhatia |
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1710 |
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Mr. Haresh K Bhatia |
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2421 |
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Ms. Sangeeta P Bhatia |
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10 |
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Ms. Hansa J Bhatia |
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2560 |
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Mr. Amit H Bhatia |
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2979 |
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Ms. Reema J Bhatia |
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19 |
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Mr. Pahlaj Bhatia,HUF |
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10 |
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Total |
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21600 |
Equity Share Breakup ( percentage of total equity ):
(As per 29.09.2007)
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Category |
Percentage |
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Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Inorganic Chemicals. |
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Products : |
·
Chelating and Sequestering Agents ·
Photograpic Chemicals ·
Micronutrients ·
Fine Chemicals / Acetates |
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Exports : |
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Countries : |
·
Germany ·
Australia ·
Switzerland ·
China ·
Pakistan |
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Terms : |
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Selling : |
Credit |
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Purchasing : |
Credit (30 days / 60 days ) advance |
GENERAL
INFORMATION
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Customers : |
Traders, Manufactrurers |
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No. of Employees : |
22 |
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Bankers : |
·
ICICI Bank MIDC ·
Citi Bank NA Citibsiness, Citi Bank Centre, 2nd
Floor, Bandra Kurla Complex, Bandra (E), Mumbai 400051 Maharashtra,India. ·
Union Bank Of India Bhavani Nagar Branch, M M Road, Bombay
400059, Maharashtra, India. ·
Saraswat Co-operative Bank Limited |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Jayesh dadia and Associates Chartered Accountants ( Sunil Deshpande, Partner, Membership No. 017721) |
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Address : |
422, Arun Chambers, Tardeo, Mumbai 400034 |
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Tel. No.: |
91-22-66602417 |
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Fax No.: |
91-22-66602418 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25000 |
Equity Shares |
Rs. 100/- Each |
2.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
21600 |
Equity shares |
Rs. 100/-
Each |
2.160
Millions |
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 |
2.160 |
2.160 |
0.660 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
22.380 |
20.177 |
6.620 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
24.540 |
22.337 |
7.280 |
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LOAN FUNDS |
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1] Secured Loans |
2.797 |
0.634 |
0.307 |
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2] Unsecured Loans |
8.000 |
21.174 |
12.406 |
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TOTAL BORROWING |
10.797 |
21.808 |
12.713 |
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DEFERRED TAX LIABILITIES |
0.007 |
0.020 |
0.153 |
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TOTAL |
35.344 |
44.165 |
20.146 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
9.140 |
9.115 |
4.602 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.072 |
0.072 |
0.100 |
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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 |
10.859
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14.537 |
7.266 |
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Sundry Debtors |
20.258
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19.761 |
5.929 |
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Cash & Bank Balances |
5.395
|
2.626 |
1.277 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
6.246
|
6.201 |
1.830 |
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Total
Current Assets |
42.757
|
43.125 |
16.302 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
13.595
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8.147 |
0.858 |
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Provisions |
3.030
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0.000 |
0.000 |
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Total
Current Liabilities |
16.625
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8.147 |
0.858 |
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Net Current Assets |
26.132
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34.977 |
15.444 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
35.344 |
44.165 |
20.146 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
96.533 |
58.497 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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96.533 |
58.497 |
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Profit/(Loss) Before Tax |
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3.614 |
4.531 |
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Provision for Taxation |
|
1.411 |
1.474 |
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Profit/(Loss) After Tax |
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2.203 |
3.057 |
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Expenditures : |
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Depreciation & Amortization |
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1.623 |
0.847 |
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Other Expenditure |
|
91.296 |
53.119 |
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Total Expenditure |
|
92.919 |
53.966 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
2.28
|
5.22 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
3.74
|
7.74 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
6.96
|
6.92 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.15
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0.16 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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1.12
|
1.34 |
1.86 |
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Current Ratio (Current Asset/Current Liability) |
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2.57
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5.29 |
1.05 |
LOCAL AGENCY
FURTHER INFORMATION
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Additional Requirement of Indiamart for Trust-Seal |
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VAT / TIN : 27630268340 issued Date, 01.04.2006 |
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IEC Code : 03890441568 issued Date, 01.04.89 |
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PAN / TAN : AAACA5075E |
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Bank Name : ICICI Bank |
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Bank Address : MIDC |
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Bank A/c. No.: 054451000004 |
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Account Since : 15 Day Before |
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In case of any affiliations / memberships / certifications : |
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Name : ISO- 9001-2000 |
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Expiry Date : Year 2010 |
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Form: 8
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Corporate
identity number of the company |
U27100MH1985PTC038183 |
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Name of the
company |
AVA CHEMICAL
PRIVATE LIMITED. |
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Address of the
registered office or of the principal place of business in India of the company |
1/20,Narayan
Plaza 26-A, Chandivli Road, Mumbai 400072, Maharashtra, India. |
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This form is for |
Modification of
Charge |
|
Type of charge |
Hypothecation |
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Particular of
charge holder |
CITI Bank NA Citibusiness,
Citibank Centre, 2nd Floor, Bandra Kurla Complex, Bandra (E).
Mumbai 400051, Maharashtra. E-Mail: vindo.raghavan@citigroup.com |
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Amount secured by
the charge |
Rs. 12.000
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
In Considerations
of the lender having agreed to lend advanced to the company, the said credit
facilities under the agreement, the company covenants inter alia. |
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Description of
the property charged indicating whether it is a charged on |
Stock in trade,
Book debts. |
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Particulars of
the property charged |
The whole of
movable assets, including both present and future, Stocks of raw materials,
goods in process of manufacture, semi finished goods and all finished and
manufactured goods and articles together with all stores. Components and
spares. |
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Charge
identification number of the charge to be modified |
10008489 |
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Brief description
of the instrument modifying the charge under section 135 |
Deed of
Modification |
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Date of
instrument modifying the charge |
01.07.2006 |
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Particulars of
the present modification |
The charge has
been increased form Rs. 1.200 Millions to Rs. 20.000 Millions which is an
increase of Rs. 8.000 Millions against the said movable assets. |
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.48.01 |
|
UK Pound |
1 |
Rs.84.16 |
|
Euro |
1 |
Rs.65.20 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
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|
|
--BUSINESS SCALE |
1~10 |
6 |
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--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 |
NO |
|
--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 |
|