MIRA
INFORM REPORT
|
Report Date : |
16.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
INDICA CHEMICAL INDUSTRIES PRIVATE LIMITED |
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Registered Office : |
A-4, Grater Kailash, No.1, New Delhi 110 048 |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
21.03.1984 |
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Com. Reg. No.: |
55-17752 |
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CIN No.: [Company
Identification No.] |
U29299DL1984PTC017752 |
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IEC No.: |
0588125717 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELI04508A |
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PAN No.: [Permanent
Account No.] |
AAACI0233Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Foam Seals. |
RATING &
COMMENTS
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MIRAs 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 1400000 |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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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 of the company is good. Payments are
usually correct and as per commitments. Nothing adverse reported. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
A-4, Grater Kailash, No.1, New Delhi 110 048, India |
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E-Mail : |
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Corporate Office : |
C-6, Sector 63, Noida 201 301, Uttar Pradesh, India |
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Tel. No.: |
91-120-4347550 / 51 / 52 / 53 / 54 |
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Fax No.: |
91-120-2404058 / 4347558 |
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E-Mail : |
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Area : |
3 Floor Building including Factory. |
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Factory : |
Located at ·
Kotdwar ·
Noids ·
Pune ·
Chennai |
DIRECTORS
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Name : |
Mr. Sunil Sharma |
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Designation : |
Chairman cum Managing Director |
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Address : |
A-4, Grater Kailash, No.1, New Delhi 110 048, India |
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Date of Birth/Age : |
14.10.1956 |
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Date of Appointment : |
21.03.1984 |
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Name : |
Mr. Jaikrishna Sharma |
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Designation : |
Director |
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Address : |
A-4, Grater Kailash, No.1, New Delhi 110 048, India |
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Date of Birth/Age : |
03.10.1918 |
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Date of Appointment : |
21.03.1984 |
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Name : |
Mrs. Kamla Sharma |
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Designation : |
Director |
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Address : |
A-4, Grater Kailash, No.1, New Delhi 110 048, India |
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Date of Birth/Age : |
07.11.1925 |
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Date of Appointment : |
03.06.1986 |
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Name : |
Mr. Deepak Anand |
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Designation : |
Director |
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Address : |
16, Vasant Vihar, New Delhi 110 057, India |
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Date of Birth/Age : |
29.08.1949 |
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Date of Appointment : |
20.03.1987 |
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Name : |
Dr. Shiva Sharma |
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Designation : |
Director |
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Address : |
535, Heards Ferry Road, Atlanta Ga 303284720, USA |
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Date of Birth/Age : |
02.03.1952 |
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Date of Appointment : |
23.05.1987 |
KEY EXECUTIVES
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Name : |
Ashok Kumar and Company |
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Designation : |
Company Secretary |
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Address : |
C-2/324, Yamuna Vihar, Delhi 110 053, India |
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Mobile No.: |
91-9873394570 |
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E-Mail : |
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Name : |
Mr. Kamal Chand Shah |
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Designation : |
Company Secretary |
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Address : |
KD-14B, Ashok Vihar, Phase I, Delhi 110 052, India |
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Date of Birth/Age : |
17.10.1936 |
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Date of Appointment : |
19.10.1984 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007)
|
Names of Shareholders |
No. of Shares |
|
Sunil Sharma |
14350 |
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Jaikrishna Sharma |
510 |
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Kamla Sharma |
430 |
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Vaibhav Sharma |
4000 |
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Dr. Shiva Sharma |
292 |
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Deepak Anand |
150 |
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Sunder Anand |
170 |
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Rajendra Vaid |
5 |
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Sukrit Sharma |
5000 |
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Total |
24907 |
Equity shares Breakup (percentage of total equity)
(As on 29.09.2007)
|
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 Foam Seals. |
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Exports : |
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Products : |
NVH Foam Seals |
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Countries : |
·
US ·
Mexico ·
China |
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Imports : |
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Products : |
Foam Adhesive |
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Countries : |
·
UK ·
Germany ·
USA ·
Japan ·
USA ·
Europe |
GENERAL
INFORMATION
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Customers : |
Manufacturer |
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No. of Employees : |
300 (Contract Workers 225) |
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Bankers : |
Canara Bank Overseas Branch, B-39, 1st Floor, Connaught Circus, New
Delhi 110 001, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
H Mitter and Company Chartered Accountants |
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Address : |
A-2/6, Safdarjang Enclave, Africa Avenue, New Delhi 110 029, India |
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Tel. No.: |
91-11-26161330 |
CAPITAL STRUCTURE
(As on 29.09.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25000 |
Equity Shares |
Rs.100/- each |
Rs.2.500 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
24907 |
Equity Shares |
Rs.100/- each |
Rs.2.491
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.491 |
2.491 |
2.491 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
269.688 |
184.782 |
131.748 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
272.179 |
187.273 |
134.239 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
8.437 |
4.272 |
0.322 |
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TOTAL BORROWING |
8.437 |
4.272 |
0.322 |
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DEFERRED TAX LIABILITIES |
2.121 |
2.695 |
0.000 |
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TOTAL |
282.737 |
194.240 |
134.561 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
44.573 |
38.535 |
33.390 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
36.119 |
22.731 |
16.434 |
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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 |
63.942
|
61.046 |
27.156 |
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Sundry Debtors |
90.358
|
92.083 |
62.387 |
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Cash & Bank Balances |
104.398
|
69.913 |
41.291 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
120.101
|
74.176 |
37.870 |
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Total
Current Assets |
378.799
|
297.218 |
168.704 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
68.023
|
100.244 |
50.967 |
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Provisions |
108.731
|
64.000 |
33.000 |
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Total
Current Liabilities |
176.754
|
164.244 |
83.967 |
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Net Current Assets |
202.045
|
132.974 |
84.737 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
282.737 |
194.240 |
134.561 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
422.464 |
392.322 |
287.084 |
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Other Income |
52.719 |
12.679 |
6.658 |
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Total Income |
475.183 |
405.001 |
293.742 |
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Profit/(Loss) Before Tax |
129.062 |
84.380 |
58.157 |
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Provision for Taxation |
44.156 |
31.345 |
21.852 |
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Profit/(Loss) After Tax |
84.906 |
53.035 |
36.305 |
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Expenditures : |
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Financial charges |
0.000 |
0.536 |
0.266 |
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Other Expenditure |
346.121 |
320.085 |
235.319 |
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Total Expenditure |
346.121 |
320.621 |
235.585 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
17.87
|
13.10 |
12.36 |
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Net Profit Margin (PBT/Sales) |
(%) |
30.55
|
21.51 |
20.26 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
30.48
|
25.13 |
28.78 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.47
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0.45 |
0.43 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.68
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0.90 |
0.63 |
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Current Ratio (Current Asset/Current Liability) |
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2.14
|
1.81 |
2.01 |
LOCAL AGENCY
FURTHER INFORMATION
Form No. 8
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Name of the company |
INDICA CHEMICAL INDUSTRIES PRIVATE LIMITED |
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Presented By |
Canara Bank,
Overseas Branch (Main), New Delhi |
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1) Date and description of instrument creating the change |
Open Cash Credit
Agreement dated 31.01.1987, regd. on 24.02.1987, modified on various dates
and finally on 21.09.2001 for collateral security of all plant and machinery,
motor vehicles and tools and accessories of the company for Cash Credit limit
of Rs.9.500 millions with ODRD as a sun limit of RS.4.500 millions, last
modification regd. on 12.10.2001. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.1.500 millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of
all goods stored / to be stored at Companys godowns, yards and premises at
AS-A-10, UPSIDC Indl. Area, Balbadrapur, Kotdwar, Pauri Garhwal or at any
other place(s) including those in transit and book debts of the Company both
preset and future. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest to be charged
@ 7.5% p.a. over RBI rate subject to a minimum of 17.5% p.a. Margin : As may
be stipulated by the Bank from time to time. Payable on demand. |
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5) Name and Address and description of the person entitled to the charge. |
Canara Bank DDU Marg, New Delhi (stands
transferred to Overseas Branch, K G Marg, New Delhi) |
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6) Date and brief description of instrument modifying the charge |
Letter evidencing
deposit of Title Deeds alongwith Schedule A and B dated 15.09.2003. |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
All amounts
payable under Cash Credit limit of Rs.9.500 millions with ODRD as a sub-limit
of Rs.4.500 millions together with all interests, costs, charges, expenses
etc. stand collaterally secured by equitable mortgage of landed properties
situated at Plot No. A-5 to A-10, (UP) admeasuring 8150 Sq. mtrs. together
with all buildings, structures, fixtures, fittings, machineries standing /
installed thereon and to be erected / installed and put up in future. The equitable
mortgage of landed properties of the company id available to the Bank for a
total of Rs.16.000 millions including the above limit. Other terms and
conditions remained the same. |
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Corporate
identity number of the company |
U29299DL1984PTC017752 |
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Name of the
company |
INDICA CHEMICAL INDUSTRIES PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
A-4, Grater Kailash, No.1, New Delhi 110 048, India |
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This form is for |
Modification of
charge |
|
Type of charge |
·
Immovable
property ·
Book Debts ·
Movable property
(not being pledge) ·
Others o
Stocks |
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Particular of
charge holder |
Canara Bank Overseas Branch, B-39, 1st Floor, Connaught Circus, New
Delhi 110 001, India |
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Nature of
instrument creating charge |
·
Counter
Indemnity ·
Supplemental
Collateral Security Agreement ·
Letter
evidencing extension of Equitable Mortgage alongwith Schedule A and B. |
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Date of
instrument Creating the charge |
18.08.2007 |
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Amount secured by
the charge |
Rs.7.000 millions |
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Brief of the principal
terms an conditions and extent and operation of the charge |
·
Rate of
interest Rate of interest @ 18.75% p.a. ·
Terms of
repayment As per agreement ·
Margin As per agreement ·
Extent and
operation of the charge 100% ·
Others BG limit of Rs.7.000 millions |
|
Particulars of
the property charged |
Prime Security :
Hypothecation of good and commodities of the company. Collateral
security : (i) Equitable Mortgage of all that piece and parcel of land and
building situated at A-5 to A-10, Balbhadrapur Industrail Area, Kotdwar,
Pauri Garhwal 8150 sq. mtrs. existing and / or to be constructed thereon and
shown under Schedule B (ii)All Plant,
Machinery, tools, accessories and motor vehicles, tools and accessories
already purchased / to be purchased. |
|
Particulars of
the present modification |
Extent of
operation of charge over BG limit on collateral security of Equitable
Mortgage and Plant and Machinery stored at Schedule A and B including those
in transit stand enhanced from Rs.3.500 millions to Rs.7.000 millions. Other
terms and conditions remaining unchanged. |
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 Intl
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 companys 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.48.43 |
|
UK Pound |
1 |
Rs.84.54 |
|
Euro |
1 |
Rs.65.91 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
This score serves as a reference to assess SCs 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 |
|