MIRA
INFORM REPORT
|
Report Date : |
16.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
KHYATI CHEMICALS PRIVATE LIMITED |
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Registered Office : |
905/ 906, Samudra Annoxe, Sardar Patel Nagar, C G Road, Ahmedabad –
380013, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
25.07.1994 |
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Com. Reg. No.: |
04- 22598 |
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CIN No.: [Company
Identification No.] |
U24231GJ1994PTC022598 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Dyes, Optical Whitening Agent. |
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 365665 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having fine track. Directors are reported as experienced, respectable and resourceful businessmen. Their trade relations are fair. General financial position is satisfactory. Payments are usually correct and as per commitments.
The company can be considered good for normal business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
905/ 906, Samudra Annoxe, Sardar Patel Nagar, C G Road, Ahmedabad –
380013, Gujarat, India |
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Tel. No.: |
91-79- 26561403 |
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Fax No.: |
91-79-26568707 |
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E-Mail : |
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Factory 1 : |
243/4/5, GIDC Estate, Phase-II, Vatva, Ahemdabad |
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Tel. No.: |
91-79-25853486 |
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Factory 2 : |
C-1, 412/6, GIDC
Estate, Phase-II, Vatva, Ahemdabad |
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Tel. No.: |
91-79-25891748 |
DIRECTORS
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Name : |
Rajiv Narpatmal Bhandari |
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Designation : |
Director |
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Address : |
6, Prernatmal Scheme – 1, B/h Someshwar Complex – 2, Satellite Road,
Ahmedabad – 380015, Gujarat |
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Address 2 : |
14B, Ashok Vatika, B/H. Islok Temple, Ambali- Bopat Road, Ahmedabad –
380058, Gujarat |
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Date of Birth/Age : |
17.08.1957 |
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Date of Appointment : |
24.07.1994 |
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Name : |
Shubha Rajiv Bhandari |
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Designation : |
Director |
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Address : |
6, Prernatmal Scheme – 1, B/h Someshwar Complex – 2, Satellite Road,
Ahmedabad – 380015, Gujarat |
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Address 2 : |
14B, Ashok Vatika, B/H. Islok Temple, Ambali- Bopat Road, Ahmedabad –
380058, Gujarat |
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Date of Birth/Age : |
17.06.1965 |
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Date of Appointment : |
02.04.1998 |
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Name : |
Mr. Budhrai
Dharmichand Jain |
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Designation : |
Director |
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Address : |
202, Niranjan, 99,
Marine Drive, Mumbai 400002 |
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Date of Birth/Age : |
11.09.1969 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 31.03.2008
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Names of Shareholders |
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No. of Shares |
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Rajiv Narpatmal Bhandari |
|
846660 |
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Shubha Rajiv Bhandari |
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101460 |
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Siddharth Rajiv Bhandari |
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43000 |
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Sonal Rajiv Bhandari |
|
2000 |
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Total |
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993120 |
AS ON 26.08.2008
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Dyes, Optical Whitening Agent. |
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Products : |
Dyes and Optical
Whitening Agent |
PRODUCTION STATUS
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Particulars |
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Actual
Production |
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Dyes |
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194800 Kgs |
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Optical Whitening
Agent |
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2285978 Kgs |
GENERAL
INFORMATION
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Bankers : |
Ř State Bank of
India, GIDC Industrial Estate, Vatva – 382445, Ahmedabad, Gujarat, India Ř ICICI Bank Ř HDFC Bank Ř Citi Bank Ř Bank of India Ř Bank of Baroda |
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Facilities : |
Ř
State Bank of
India – Rs. 7.268 millions against Hypothecation Ř HDFC Bank Limited – Rs. 0.896 millions
as a loan |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
M/s Deepak Soni and Associates Chartered Accountant |
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Address : |
5, Jayshree Aank Partments, Udhyan Marg, Near Law Garden, Ahmedabad,
Gujarat - 380006 |
CAPITAL STRUCTURE
AS ON 26.08.2008
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs. 10/- Each |
Rs.20.000 Millions
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
993120 |
Equity Shares |
Rs. 10/- Each |
Rs.9.931 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 |
9.931 |
9.931 |
9.931 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
63.202 |
58.660 |
55.169 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
73.133 |
68.591 |
65.100 |
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LOAN FUNDS |
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1] Secured Loans |
35.157 |
20.997 |
22.784 |
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2] Unsecured Loans |
19.850 |
18.012 |
10.066 |
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TOTAL BORROWING |
55.007 |
39.009 |
32.850 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
128.140 |
107.600 |
97.950 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
41.585 |
31.838 |
29.631 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
3.313 |
5.125 |
14.396 |
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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 |
55.208 |
30.529 |
23.455 |
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Sundry Debtors |
67.220 |
53.379 |
47.800 |
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Cash & Bank Balances |
5.223 |
4.431 |
1.835 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
16.966 |
8.152 |
10.765 |
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Total
Current Assets |
144.617 |
96.491 |
83.855 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
58.186 |
22.040 |
23.626 |
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Provisions |
3.189 |
3.814 |
6.306 |
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Total
Current Liabilities |
61.375 |
25.854 |
29.932 |
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Net Current Assets |
83.242 |
70.637 |
53.923 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
128.140 |
107.600 |
97.950 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2008 |
31.03.2007 |
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Sales Turnover |
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277.658 |
244.521 |
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Other Income |
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0.412 |
0.503 |
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Total Income |
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278.070 |
245.024 |
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Profit/(Loss) Before Tax |
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6.542 |
6.116 |
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Provision for Taxation |
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2.000 |
2.625 |
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Profit/(Loss) After Tax |
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4.542 |
3.491 |
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Total Earnings |
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116.674 |
75.203 |
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Total Imports |
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63.408 |
65.504 |
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Expenditures : |
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Financial Charges |
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4.465 |
2.717 |
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Depreciation & Amortization |
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5.889 |
5.632 |
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Other Expenditure |
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261.174 |
230.559 |
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Total Expenditure |
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271.528 |
238.908 |
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KEY RATIOS
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
01.63 |
01.42 |
NA
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Net Profit Margin (PBT/Sales) |
(%) |
02.35 |
02.50 |
NA
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Return on Total Assets (PBT/Total Assets} |
(%) |
03.45 |
04.58 |
NA
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Return on Investment (ROI) (PBT/Networth) |
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08.94 |
08.91 |
NA
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Debt Equity Ratio (Total Liability/Networth) |
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1.59 |
0.94 |
0.96
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Current Ratio (Current Asset/Current Liability) |
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2.35 |
3.73 |
1.55
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LOCAL AGENCY
FURTHER INFORMATION
Form No. 8
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This form is for |
Modification of
charge |
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Charge
identification number of the modified
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80006658 |
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Corporate
identity number of the company |
U24231GJ1994PTC022598 |
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Name of the
company |
KHYATI CHEMICALS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
905/ 906, Samudra Annoxe, Sardar Patel Nagar, C G Road, Ahmedabad –
380013, Gujarat, India |
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Type of charge |
Book Debts Movable Property Others |
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Particular of
charge holder |
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Nature of
description of the instrument creating or modifying the charge |
Supplementary Agreement of loan- cum- hypothecation dated |
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Date of
instrument Creating the charge |
29.07.2008 |
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Amount secured by
the charge |
Rs.64.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 1.5% above SBAR Terms of
Repayment On Demand Margin RM- 25%, SIP-
30%, Receivable (Cover Period 90 Days)- 40% EPC- 15% LC- 20%, Bank Guarantee-
20% Extent and
Operation of the charge The Agreement
shall operate as continuing security for repayable of the loan of amount
taken by the company from the bank Others Other terms and
conditions as per agreement |
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Short particulars
of the property charged |
Hypothecation of
all the present and future stocks, goods, raw materials, movable assets,
plant and machinery lying at factory premises and book debts, personal
guarantee |
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Date of latest
modification prior to the present modification |
03.07.2006 |
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Particulars of
the present modification |
By supplemental
agreement of loan cum hypothecation the existing limit is extended by
rs.10.000 millions making total limit up to rs.64.000 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.48.43 |
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UK Pound |
1 |
Rs.84.54 |
|
Euro |
1 |
Rs.65.91 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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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 |
5 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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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 |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
51 |
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 |
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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 |
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