MIRA INFORM REPORT

 

 

 

Report Date :

11.10.2008

 

IDENTIFICATION DETAILS

 

Name :

AMOGH CHEMICALS PRIVATE LIMITED

 

 

Registered Office :

Plot No. 79, MIDC, Mankivli, Balapur, Thane – 421 503, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2007

 

 

Date of Incorporation :

01.01.1999

 

 

Com. Reg. No.:

117723

 

 

CIN No.:

[Company Identification No.]

U24110MH1999PTC117723

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturers of Organic 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

 

Maximum Credit Limit :

USD 98000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well-established and reputed company having satisfactory track. Trade relations are fair. Business is active. Payments are reported as usually made as per commitments.

 

The company can be considered good for normal business dealings.

 

The company’s status as per Government Registry show ”Under Process of Striking off”, but the management claims the company is very much active.

 

 

INFORMATION PARTED BY

 

Name :

Mr. Vishwajit R Namjoshi

Designation :

Director

Date :

10.10.2008

 

 

LOCATIONS

 

Registered Office/ Factory :

Plot No. 79, MIDC, Mankivli, Balapur, Thane – 421 503, Maharashtra, India.

Tel. No.:

91-251-2693095

Mobile No.:

91-9821071143

Fax No.:

91-251-2693096

E-Mail :

amoghchem@hotmail.com

Website :

www.amoghchemicals.com

Area :

2300 sq mt

Location :

Owned

 

 

DIRECTORS

 

Name :

Mr. Sanjay M Nerkar

Designation :

Director

Address :

C – 7, Indraprastha, Near Mamta Hospital, MIDC Industrial Area, Dombivali – 421 202, Thane District, Maharashtra, India.

Date of Birth/Age :

30.11.1956

Date of Appointment :

01.01.1999

 

 

Name :

Mr. Shripad Sitaram Kher

Designation :

Director

Address :

104, Snehabandh CHS. Old Panvel, Panvel – 410 206, Raigad District, Maharashtra, India.

Date of Birth/Age :

08.06.1964

Date of Appointment :

01.01.1999

 

 

Name :

Mr. Vishwajit R. Namjoshi

Designation :

Director

Address :

2nd Floor, Aarti Oswal Apartments, Mental Hospital Road, Thane (West), Thane – 400 604, Maharashtra, India.

Date of Birth/Age :

02.09.1958

Date of Appointment :

01.01.1999

 

 

Name :

Ms. Shweta S. Nerkar

Designation :

Nominal Director

Address :

C – 7, Indraprastha, Near Mamta Hospital, MIDC Industrial Area, Dombivali – 421 202, Thane District, Maharashtra, India.

Date of Birth/Age :

28.02.1984

Date of Appointment :

15.10.2003

 

 

Name :

Mr. Dattatraya S. Kher

Designation :

Nominal Director

Address :

104, Snehabandh CHS. Old Panvel, Panvel – 410 206, Raigad District, Maharashtra, India.

Date of Birth/Age :

10.05.1971

Date of Appointment :

15.10.2003

 

 

Name :

Mrs. Leela S. Waidya

Designation :

Nominal Director

Address :

33, Aarti Oswal Apartments, Madhumanjrir Chs., Mental Hospital Road, Thane – 400 604, Maharashtra, India.

Date of Birth/Age :

07.07.1938

Date of Appointment :

15.10.2003

Date of Resignation :

01.09.2007

 

 

Name :

Mrs. Shobha Sanjay Nerkar

Designation :

Director

Address :

C – 7, Indraprastha, Near Mamta Hospital, MIDC Industrial Area, Dombivali – 421 202, Thane District, Maharashtra, India.

Date of Birth/Age :

30.10.1960

Date of Appointment :

01.06.2005

 

 

KEY EXECUTIVES

 

Name :

N Ambawat and Associates

Designation :

Company Secretary

Address :

201, Second Floor, Shanti Sadan, 452/ A, JSS Road, Chira Bazar, Mumbai – 400 002, Maharashtra, India.

Tel. No. :

91-22-65791224/ 22086306

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 31.03.2005

 

Names of Shareholders

No. of Shares

Mr. Shripad Sitaram Kher

80000

Mr. Vishwajit R. Namjoshi

80000

Mr. Sanjay M Nerkar

80000

 

 

Total

240000

 

As on 30.03.2006

 

Names of Allottees (Equity Shares)

No. of Shares

Mr. Sanjay M Nerkar

50000

Mr. Shripad Sitaram Kher

50000

Mr. Vishwajit R. Namjoshi

50000

Ms. Shobha Sanjay Nerkar

10000

Mr. Dattatraya S. Kher

10000

Mrs. Leela S. Waidya

10000

Total

180000

 

As on 30.03.2007

 

Names of Allottees (Preference Shares)

No. of Shares

Mr. Ashok Jagannath Tongaonkar

40000

Mr. Bilal Ahmed Shaikh

20000

Mr. Anil Jayantilal Banatwala

20000

Mr. Akhatar Abdul Kalokhe

100000

Mr. Sandeep M. Pitale

30000

Total

210000

 

As on 29.09.2007

Equity share breakup (percentage of total equity)

Category 

Percentage

Directors or relatives of directors

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturers of Organic Chemicals.

 

 

Products :
  • 3,3-Diamino-Sulfonyl bis benzene                       
  • 2 Amino Sulfonyl bis benzene                
  • 4-4 Bis-(2Aminobenzene Sulfonyl)                      
  • 5-Amino Isophthalic Acid                       
  • 2-Amino Benzene-N-Ethyl Sulfanilide                  
  • 2-Amino-4-N(2-carboxyphenyl) sulfonamidophenol            
  • 2 Nitrobenzene Sulfonyl Chloride            
  • Sodium Picramate                    
  • Picramic Acid               
  • 2-Amino Benzene N-Methyl Cyclohexyl Sulfanilide                       
  • APMS              
  • Methyl Opsamide                      
  • Ortho toludine 6 6' disulfonic Acid                       
  • 4 Amino Benzene sulfonamide               
  • Opsamide                    
  • 1 Amino-4-Chlorobenzene-3-sulfonic acid 2,4 - dimethylphenyl amide
  • 5 NAP              
  • 3 Aminobenzene sulfonamide                 
  • 3 Amino sulfonanilide                
  • 3-Amino 6 - Methyl Sulfonanilide            
  • {2-Amino benzene Sulfonate(2' ChloroPhenyl)                  
  • 2 Naphthylamine 6 sulfo methyl amide                
  • 3-4 Dimethyl aniline 5 sulfo B Hydroxy Ethyl amide                      

 

 

Exports :

 

Products :

Sodium Picramate, Picramic Acid, 24 Xylidine Sulphonic Acid

Countries :

Switzerland, Spain, Germany, UK

 

 

Imports :

 

Countries :

China

 

 

Terms :

 

Selling :

Credit 30/ 60 days

 

 

Purchasing :

Credit 30/ 60 days

 

 

GENERAL INFORMATION

 

Suppliers :
  • GMM Pfaulder Limited
  • Shree Vaishnav Ispat Private Limited

 

 

Customers :

Manufacturer

 

  • La Nova Chem India Private Limited
  • Opus Organics Private Limited
  • BASF India Limited
  • Alps Chemicals Private Limited
  • SPA Pharmaceuticals Private Limited

 

 

No. of Employees :

45

 

 

Bankers :
  • IDBI Bank, Ram Nagar, Dombivali

 

  • Rupee Co-Operative Bank Limited

G.G. Road, Vishnu Nagar,

Dombivali(West), Thane,

Maharashtra, India.

 

  • State Bank of India
  • ICICI Bank Limited
  • The United Western Bank

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

 

Name :

M/s Thakur Naik and Deo

Chartered Accountants

(Mr. Sudip D. Thakur)

Address :

2nd Floor, Shanti Cottage, Thakur Blocks, Above Shubh Manas, Naupada, Thane – 400 602, Maharashtra, India.

Tel. No.:

91-20-25402062

 

91-20-25401398

 

 

Associates/Subsidiaries :

NIL

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

500000

Equity Shares

Rs.10/- Each

Rs.5.000 Millions

250000

Preference Shares

Rs.10/- Each

Rs.2.500 Millions

 

Total

 

Rs.7.500 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

420000

Equity Shares

Rs.10/- Each

Rs.4.200 Millions

210000

Preference Shares

Rs.10/- Each

Rs.2.100 Millions

 

 

 

Rs.6.300 Millions

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

Particulars

 

 

 

31.03.2008

Sales Turnover (Estimated)

 

 

95.000

 

 

 

 

 

Expected Sales (2008-09) : Rs.120.000 Millions

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2007

31.03.2006

31.03.2005

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

6.300

4.200

2.400

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

13.277

9.297

6.557

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

19.577

13.497

8.957

LOAN FUNDS

 

 

 

1] Secured Loans

13.863

7.845

7.166

2] Unsecured Loans

3.250

0.850

1.900

TOTAL BORROWING

17.113

8.695

9.066

DEFERRED TAX LIABILITIES

0.648

0.648

0.648

 

 

 

 

TOTAL

37.338

22.840

18.671

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

15.584

11.351

11.662

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.362

0.270

0.208

DEFERREX TAX ASSETS

0.073

0.027

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
11.743

9.999

2.897

 

Sundry Debtors
19.363

10.742

4.699

 

Cash & Bank Balances
1.175

0.600

0.616

 

Other Current Assets
0.776

0.748

2.085

 

Loans & Advances
5.090

1.867

2.060

Total Current Assets
38.147

23.956

12.357

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
12.936

11.219

4.001

 

Provisions
3.894

1.548

1.558

Total Current Liabilities
16.830

12.767

5.559

Net Current Assets
21.317

11.189

6.798

 

 

 

 

MISCELLANEOUS EXPENSES

0.002

0.003

0.003

 

 

 

 

TOTAL

37.338

22.840

18.671

 

 

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

31.03.2007

31.03.2006

Sales Turnover

 

101.144

58.923

Other Income

 

0.749

0.141

Total Income

 

101.893

59.064

 

 

 

 

Profit/(Loss) Before Tax

 

6.317

4.260

Provision for Taxation

 

2.337

1.520

Profit/(Loss) After Tax

 

3.980

2.740

 

 

 

 

Total Expenditure

 

95.576

54.804

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2007

31.03.2006

31.03.2005

PAT / Total Income

(%)
3.91

4.64

NA

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
6.25

7.23

NA

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
11.68

11.97

NA

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.32

0.32

NA

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
1.73

1.59

1.63

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
2.27

1.88

2.22

 

 

LOCAL AGENCY FURTHER INFORMATION

 

FORM 8

 

Name of the company

AMOGH CHEMICALS PRIVATE LIMITED

Presented By

Mr. Vishwajit Ramchandra Namjoshi

1) Date and description of instrument creating the change
  • Deed of Hypothecation dated 15.04.2004
  • Demand Promissory Note dated 15.04.2004

2) Amount secured by the charge/amount owing on the securities of charge

Rs.2.000 Millions

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

Machinery at W 79, MIDC, Mankivli, Balapur – 421 503, Thane District.

4) Gist of the terms and conditions and extent and operation of the charge.

Loan for machinery at the interest rate of @ 15% or as per Bank Norms per annum repayable by monthly installment of Rs.0.056 Million.

5) Name and Address and description of the person entitled to the charge.

Rupee Co-Operative Bank Limited

Shivasmrity Ground Floor,

G.G. Road, Vishnu Nagar,

Dombivali (West) – 421 202, Thane.

6) Date  and brief description of instrument modifying the charge

NA

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.

NA

 

 

This form is for

Creation of charge

Corporate identity number of the company

U24110MH1999PTC117723

Name of the company

AMOGH CHEMICALS PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

Plot No. 79, MIDC, Mankivli, Balapur, Thane – 421 503, Maharashtra, India.

Type of charge

Movable Property

Particular of charge holder

Rupee Co-Operative Bank Limited

G.G. Road, Vishnu Nagar,

Dombivali(West), Thane – 421 202,

Maharashtra, India.

E-Mail: rcb_dombivali@vsnl.net

Nature of description of the instrument creating or modifying the charge

Deed of Hypothecation of Movable Property, Demand Promissory Note and Letter of Guarantee.

Date of instrument Creating the charge

10.01.2008

Amount secured by the charge

Rs.1.500 Millions

Brief particulars of the principal terms an conditions and extent and operation of the charge

Rate of Interest: 14% p.a.

 

Terms of Repayment: Repayment in 72 months by equated installment of Rs.0.031 Million inclusive of interest.

 

Margin: @ 25% against the assets charged.

 

Extent and Operation of the charge: Payable in 7 years from the date of disbursement.

Date of instrument creating or evidencing the charge

10.01.2008

Description of the instrument creating or evidencing the charge

Deed of Hypothecation of Movable Property, Demand Promissory Note and Letter of Guarantee.

Date of acquisition of the property

10.01.2008

Amount of the charge

Rs.1.500 Millions

Particulars of the property charged

Furniture and Fixture and Electric Installation and Plant and Machinery

Short particulars of the property charged

Furniture and Fixture and Electric Installation and Plant and Machinery located at W 79, MIDC, Mankivli, Balapur, Thane – 421 503.

 

 

WEBSITE DETAILS:

 

COMPANY PROFILE:

 

Subject was incorporated on 1st  January 1999. Mr. Sanjay M. Nerkar, Mr. Vishwajit R. Namjoshi and Mr. Shripad S. Kher are the Directors of the company.
 
Mr.S.M.Nerkar  is  a  Post Graduate  in  Chemistry   from  Mumbai University and has a rich experience of 25 years in  Research  and  Development  and  Marketing. He  started  his career with  Gharda  Chemicals Private  Limited and  later on  worked  with  Goodlass Nerolac,  Devidayal   Industries,  BASF  Limited, and  Mafatlal  Group.  He  was General  Manager Technical of May  Chemicals  Private Limited  a  group company  of  Mafatlal  before  incorporation  of  Subject
 
Mr. V.R. Namjoshi is a Post Graduate  from Mumbai  University and has 20 years experience in Research and  Development.  He started his career with Gharda Chemicals Private Limited and  later  on  worked with   BASF   India    Limited  as   Incharge    of   Pilot  Plant  before  incorporation of subject.
 
Mr. S.S. Kher is a Graduate from  Mumbai University and  has  an experience of 15 years in  Research and  Development and  Production. He started his career with Jaysynth Dye chem and  later  on worked with BASF India Limited and  May Chemicals  Private Limited a group company of Mafatlal.

 

ACHIEVEMENTS:

 

Subject was   first   to introduce Sodium Picramate and Picramic Acid in India. Today Amogh is the largest manufacturer of Sodium  Picramate in India.  The company has also introduced other specialty  products for first time in India. The   company   manufactures   Specialty   Chemicals   and   also  develops  products for clients as per their requirements  and need. They have developed products for Godrej Agrovet and  BASF India Limited
 
 
PLANT INFORMATION:
 

Total No.of Employees               :  32

Total Plant Capacity                   :  200 M/T P.A.

                                                  

UTILITIES

Boilers

Cooling Tower

Compressor

Vacuum Pump

Storage Tanks

                                                  

PROCESS & EQUIPMENTS

Chlorosulfonation

Sulfonation

Nitration

Reduction

Chlorination

                                                  

LIST OF MACHINERIES

Glass Lined Reactor (3KL)            1 Nos

Glass Lined Reactor (1KL)            1 Nos

SS Reactor (3KL)                         1 Nos

MS Reactor (4KL)                         1 Nos

MSRL Reactor (4KL)                     1 Nos

Lead lined Reactor (1KL)               1 Nos

SS Reactor (1KL)                         1 Nos

                                                  

                                        


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.48.72

UK Pound

1

Rs.82.17

Euro

1

Rs.65.90

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILIRY

1~10

4

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

6

--RESERVES

1~10

6

--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

YES

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

49

 

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

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions