MIRA
INFORM REPORT
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Report Date : |
07.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
ONWARDS CHEMICALS PRIVATE LIMITED |
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Registered Office : |
G-11, Creative Industrial Estate, N. M. Joshi Marg, Lower Parel (E),
Mumbai – 400 011, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
05.06.1996 |
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Com. Reg. No.: |
100010 |
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CIN No.: [Company
Identification No.] |
U1496MH1996PTC100010 |
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IEC No.: |
0396031561 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMO01924G |
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PAN No.: [Permanent
Account No.] |
AAACO1770A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Distributor and Importer of Chemical Products |
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 41000 |
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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 concern having satisfactory track. Their
trade relations are fair. Payments are usually correct and as per
commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. S. Tibrewala |
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Designation : |
H.O.D Finance |
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Contact No.: |
91-9821038882 |
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Date : |
24.09.2008 |
LOCATIONS
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Registered Office : |
G-11, Creative Industrial Estate, N. M. Joshi Marg, Lower Parel (E), Mumbai
– 400 011, Maharashtra |
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Tel. No.: |
91-22-23012929 |
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Fax No.: |
91-22-23003030 |
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E-Mail : |
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Website : |
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Area : |
1550 sq ft |
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Location : |
Owned |
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Warehouse : |
Deshmukh Warehousing Corporation |
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Tel. No.: |
91-22-27893064/ 3097 |
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Fax No.: |
91-22-27893095 |
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Area : |
3000 sq ft |
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Location : |
Rented |
DIRECTORS
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Name : |
Mr. Amit Tibrewala |
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Designation : |
Director |
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Address : |
C-62, Grand Paradi, August Kranti Marg, Kemps Corner, Mumbai – 400 036 |
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Date of Birth/Age : |
26.03.1968 |
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Qualification : |
B. Com |
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Date of Appointment : |
05.06.1996 |
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E-Mail : |
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Name : |
Mrs. Panadevi Tibrewala |
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Designation : |
Director |
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Address : |
C-62, Grand Paradi, Mumbai – 400 036 |
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Date of Birth/Age : |
14.05.1949 |
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Date of Appointment : |
12.07.1996 |
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E-Mail : |
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Name : |
Mr. Parul Tibrewala |
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Designation : |
Director |
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Address : |
C-62, Grand Paradi, August Kranti Marg, Kemps Corner, Mumbai – 400 036 |
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Date of Birth/Age : |
10.05.1968 |
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E-Mail : |
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Date of Appointment : |
20.03.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As On 13.05.1996)
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Names of Shareholders |
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No. of Shares |
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Amit Tibrewala |
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18000 |
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Rajesh Tibrewala |
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1000 |
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Panadevi Tibrewala |
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1000 |
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Shyam Sunder Tibrewala |
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130000 |
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Total |
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150000 |
(As On 21.03.2007)
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Name of
Allottees |
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No. of Shares |
|
Amit Tibrewala |
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50000 |
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Total |
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50000 |
Equity share of breakup (percentage of total equity)
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Category |
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Percentage |
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Directors or relatives of directors |
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100 |
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Total |
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100 |
BUSINESS DETAILS
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Line of Business : |
Distributor and Importer of Chemical Products |
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Products : |
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Agencies Held : |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
L/C and Credit (60 and 90 days) |
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Purchasing : |
Cash and Credit (30 days) |
GENERAL
INFORMATION
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Distributors : |
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Customers : |
End Users |
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No. of Employees : |
9 |
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Bankers : |
Bank of Baroda Chandavarkar Road Branch, Matunga (C. Rly.), Mumbai – 400 019, Maharashtra,
India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
R. P. Ladho and Associates |
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Address : |
408/410, Rewa Chember, Marine Lines, Mumbai – 400 020, Maharashtra,
India |
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Tel. No.: |
91-22-22005656 |
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Fax No.: |
91-22-22095656 |
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Sister Concern : |
Exim Corporation G-10,Creative Industrial Estate Lower Parel, Mumbai – 400 011 |
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Line of Business : |
Trading - Export |
CAPITAL STRUCTURE
(As On 28.09.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000 |
Equity Shares |
Rs.10/- |
Rs.2.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000 |
Equity Shares |
Rs.10/- |
Rs.2.000
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.000 |
1.500 |
1.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
6.121 |
2.214 |
1.700 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
8.121 |
3.714 |
3.200 |
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LOAN FUNDS |
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1] Secured Loans |
6.131 |
3.694 |
3.438 |
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2] Unsecured Loans |
0.279 |
0.651 |
0.790 |
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TOTAL BORROWING |
6.410 |
4.345 |
4.228 |
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DEFERRED TAX LIABILITIES |
0.163 |
0.159 |
0.168 |
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TOTAL |
14.694 |
8.218 |
7.596 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.550 |
1.675 |
1.758 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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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 |
5.928
|
1.629 |
2.269 |
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Sundry Debtors |
12.861
|
4.006 |
4.146 |
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Cash & Bank Balances |
4.689
|
1.403 |
0.757 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
7.038
|
5.329 |
3.783 |
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Total
Current Assets |
30.516
|
12.367 |
10.955 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
14.254
|
4.783 |
4.036 |
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Provisions |
3.128
|
1.054 |
1.081 |
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Total
Current Liabilities |
17.382
|
5.837 |
5.117 |
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Net Current Assets |
13.134
|
6.530 |
5.838 |
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MISCELLANEOUS EXPENSES |
0.010 |
0.013 |
0.000 |
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TOTAL |
14.694 |
8.218 |
7.596 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
75.630 |
47.211 |
40.488 |
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Other Income |
1.756 |
0.114 |
0.111 |
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Total Income |
77.386 |
47.325 |
40.599 |
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Profit/(Loss) Before Tax |
5.914 |
1.015 |
1.546 |
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Provision for Taxation |
2.078 |
0.451 |
0.595 |
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Profit/(Loss) After Tax |
3.836 |
0.564 |
0.951 |
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Expenditures : |
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Administrative Expenses |
6.822 |
4.761 |
4.811 |
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Purchases made for re-sale |
58.047 |
32.207 |
29.088 |
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Custom duty |
9.768 |
7.747 |
4.687 |
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Increase/(Decrease) in Finished Goods |
(4.299) |
0.640 |
(0.306) |
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Interest |
0.938 |
0.680 |
0.634 |
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Depreciation & Amortization |
0.195 |
0.272 |
0.137 |
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Other Expenditure |
0.001 |
0.003 |
0.002 |
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Total Expenditure |
71.472 |
46.310 |
39.053 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
4.95
|
1.19 |
2.34 |
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Net Profit Margin (PBT/Sales) |
(%) |
7.81
|
2.14 |
3.81 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
18.44
|
7.22 |
12.16 |
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Return on Investment (ROI) (PBT/Networth) |
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0.72
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0.27 |
0.48 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.92
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2.74 |
2.92 |
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Current Ratio (Current Asset/Current Liability) |
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1.75
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2.11 |
2.14 |
LOCAL AGENCY
FURTHER INFORMATION
Trade reference:
- Kataline
Industries, Nagpur
Mr. Amit Thatte,
Ph. No.91-712-6455896
- Premium
Coatings and Chemicals Private Limited
Mr. N.K. Bhatia,
Ph. No.91-44-30282292
- Asian Paints Limited,
Mumbai
Mr. Manjeet
Ph. No.91-22-39818592
Form 8
|
This form is for |
Modification of
charge |
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Charge
identification number of the modified
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80026009 |
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Corporate
identity number of the company |
U51496MH1996PTC100010 |
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Name of the company
|
Onward Chemical
Private Limited |
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Address of the
registered office or of the principal place of business in India of the company |
No.11, Creative Industrial Estate, N. M. Joshi Marg, Lower Parel (E),
Mumbai – 400 011, Maharashtra |
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Type of charge |
Book Debts Movable Property |
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Particular of
charge holder |
Bank of Baroda Chandavarkar Road Branch, Matunga (C. Rly.), Mumbai – 400 019,
Maharashtra, India |
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Nature of
description of the instrument creating or modifying the charge |
Supplemental
Composite Agreement of Hypothecation of Goods, Book Debts, Moveable Machinery
and Vehicles. |
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Date of
instrument Creating the charge |
08.05.2008 |
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Amount secured by
the charge |
Rs.10.500
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest on the
Cash Credit limit at the rate of 1.50% over the Bench Mark Prime Lending Rate
of the Bank per annum with monthly rests. Terms of
Repayment On Demand Margin 25% on the Stock
and Book Debts 15% cash margin
in respect of Letter of Credit facility. Extent and
Operation of the charge The charge is
created to secure Inland/Import Letter of Credit (Sight/DA Usance upto 90
days) cum Credit (Hypn. Of Stocks and Book Debts) facility of Rs.10.500
Millions [with sub-limit: Cash Credit (Hypn. Of Stocks and Book Debts)
Rs.7.000 Millions], together with interest, further interest by way of
liquidated damages, compound interest, commitment charges, commission Premia
on pre-payment, cost charges, expenses and other moneys payable by the
Borrower to the Bank. Others |
|
Short particulars
of the property charged |
All the
Borrower’s stocks of RMs, SIP, FGs, consumable spares and packing materials,
all the book-debts in respect of supplies made to various Govt. Departments
or limited companies etc. as evidenced by supply bills, receipted
challans/receipted invoices deposited with the bank from time to time and all
the moveable machinery of the Borrower, Including all stores and spare parts,
both present and future, belonging to the Borrower and all the vehicles. |
|
Date of latest
modification prior to the present modification |
13.03.2007 |
|
Particulars of
the present modification |
The charge is increased
up to Rs.10.500 Millions Inland/Import Letter of Credit (Sight/DA Usance upto
90 days) cum Cash Credit (Hypn. Of Stocks and Book Debts) Facility (increased
from Rs.8.500 Millions) [with sub-limit : Cash Credit (Hypn. Of Stock and
Book Debts)-Rs.7.000 Millions (increased from Rs.3.500 Millions) |
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No 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.47.46 |
|
UK Pound |
1 |
Rs.83.37 |
|
Euro |
1 |
Rs.64.46 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
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--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--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 |
|