MIRA
INFORM REPORT
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Report Date : |
23.10.2008 |
IDENTIFICATION DETAILS
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Name : |
MARKSONS FINE CHEM PRIVATE LIMITED |
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Registered Office : |
327, GIDC Industrial Estate, P B No.36, Ankleshwar – 393002, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
22.10.1988 |
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Com. Reg. No.: |
04-11389 |
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CIN No.: [Company
Identification No.] |
U24231GJ1988PTC011389 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BRDM01624A BRDM01350G |
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PAN No.: [Permanent
Account No.] |
AABCM2773Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Chemicals |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 70000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory
track. Trade relations are fair. Business is active. Payments are however
reported as usually made as per commitments. The company can be considered good for normal business dealings. |
LOCATIONS
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Registered Office/ Factory : |
327, GIDC Industrial Estate, P B No.36, Ankleshwar – 393002, Gujarat,
India |
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Tel. No.: |
91-2646-222410/ 221054 |
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Fax No.: |
91-2646-250345 |
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Mobile No.: |
91-9825322203/ 9825037465 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Jiwanlal Makadia |
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Designation : |
Director |
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Address : |
507/50, Avakar Society, GIDC New Colony, Ankleshwarm Bharuch, Gujarat,
India |
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Date of Appointment : |
17.10.1988 |
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Name : |
Mr. Kumar Makadia |
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Designation : |
Director |
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Address : |
507/50, Avakar Society, GIDC New Colony, Ankleshwarm Bharuch, Gujarat,
India |
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Date of Appointment : |
25.01.1990 |
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Name : |
Mr. Mehul Makadia |
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Designation : |
Director |
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Address : |
507/50, Avakar Society, GIDC New Colony, Ankleshwarm Bharuch, Gujarat,
India |
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Date of Appointment : |
25.01.1990 |
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Name : |
Mr. Kjivanlal Makadia |
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Designation : |
Director |
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Address : |
507/50, Avakar Society, GIDC New Colony, Ankleshwarm Bharuch, Gujarat,
India |
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Date of Appointment : |
17.10.1988 |
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Name : |
Mrs. Sheila Kumar Makadia |
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Designation : |
Director |
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Address : |
507/50, Avakar Society, GIDC New Colony, Ankleshwarm Bharuch, Gujarat,
India |
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Date of Appointment : |
25.09.1990 |
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Name : |
Mrs. Minal Makadia |
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Designation : |
Director |
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Address : |
507/50, Avakar Society, GIDC New Colony, Ankleshwarm Bharuch, Gujarat,
India |
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Date of Appointment : |
20.09.1990 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(As on 30.09.2007)
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Names of Shareholders |
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No. of Shares |
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Kumar Makadia |
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1550 |
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Jiwanlal Makadia |
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1000 |
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Mehul Makadia |
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1500 |
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Minal Makadia |
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1500 |
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Sheila Makadia |
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1500 |
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Vinodini Makadia |
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1200 |
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Vallabh Patel |
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700 |
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Veena Patel |
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1200 |
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Ramji V Faldu |
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250 |
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Rukeah Patel |
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200 |
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Vallabhai P. Patel, HUF |
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401 |
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Nidhi Patel |
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500 |
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Others |
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30 |
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Total |
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11531 |
(As on 31.03.2007)
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Category |
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Percentage
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Directors or relatives of director |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Chemicals |
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Products : |
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Exports : |
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Countries : |
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Imports : |
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Countries : |
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GENERAL INFORMATION
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Bankers : |
Industrial Estate Branch, GIDC Estate, Ankleshwar – 393002, Gujarat,
India
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Rajesh Jain and Company Chartered Accountant |
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Address : |
6005/6006, World Trade Centre, Ring Road, Surat – 395002, Gujarat,
India |
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Membership : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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20000 |
Equity Shares |
Rs.100/- each |
Rs.2.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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11531 |
Equity Shares |
Rs.100/- each |
Rs.1.153
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1.153 |
1.153 |
1.153 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
13.581 |
11.225 |
13.220 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
14.734 |
12.378 |
14.373 |
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LOAN FUNDS |
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1] Secured Loans |
0.696 |
0.696 |
0.696 |
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2] Unsecured Loans |
2.090 |
1.909 |
2.397 |
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TOTAL BORROWING |
2.786 |
2.605 |
3.093 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
17.520 |
14.983 |
17.466 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
7.876 |
8.456 |
7.458 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.502 |
0.488 |
0.625 |
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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 |
6.155
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4.723 |
4.522 |
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Sundry Debtors |
1.292
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0.898 |
2.499 |
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Cash & Bank Balances |
0.840
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2.308 |
0.691 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
2.766
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1.890 |
4.500 |
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Total
Current Assets |
11.053
|
9.819 |
12.212 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
1.227
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2.030 |
1.105 |
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Provisions |
0.684
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1.750 |
1.724 |
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Total
Current Liabilities |
1.911
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3.780 |
2.829 |
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Net Current Assets |
9.142
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6.039 |
9.383 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
17.520 |
14.983 |
17.466 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
17.878 |
14.541 |
29.678 |
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Other Income |
0.068 |
0.068 |
0.163 |
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Total Income |
17.946 |
14.609 |
29.841 |
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Profit/(Loss) Before Tax |
1.305 |
0.321 |
2.311 |
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Provision for Taxation |
0.567 |
0.182 |
0.849 |
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Profit/(Loss) After Tax |
0.738 |
0.139 |
1.462 |
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Expenditures : |
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Financial Charges |
0.253 |
0.267 |
0.000 |
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Depreciation & Amortization |
0.801 |
0.913 |
0.871 |
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Other Expenditure |
15.587 |
13.108 |
26.659 |
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Total Expenditure |
16.641 |
14.288 |
27.530 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
4.11
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0.95 |
4.90 |
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Net Profit Margin (PBT/Sales) |
(%) |
7.30
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2.21 |
7.79 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
6.89
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1.76 |
11.75 |
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Return on Investment (ROI) (PBT/Networth) |
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0.09
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0.03 |
0.16 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.32
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0.52 |
0.41 |
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Current Ratio (Current Asset/Current Liability) |
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5.78
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2.60 |
4.32 |
LOCAL AGENCY FURTHER INFORMATION
FORM 8:
|
Corporate
identity number of the company |
U24231GJ1988PTC011389 |
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Name of the
company |
MARKSONS FINE CHEM PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
Ankleshwar – 393002, Gujarat, India |
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This form is for |
Creation of charge |
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Type of charge |
Book Debts Movable
Properties Hypothecation |
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Particular of charge
holder |
State Bank of India Industrial Estate Branch, GIDC Estate, Ankleshwar – 393002, Gujarat,
India |
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Nature of
instrument creating charge |
Agreement of Loan
– Cum – Hypothecation |
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Date of
instrument Creating the charge |
31.08.2007 |
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Amount secured by
the charge |
Rs.5.000 Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of
Interests: WC Interests at 0.75%
above SBAR with minimum of 13.50% p.a. with monthly rest. Terms of
repayment: EC – On Demand Margin: RM (Imported)
25%, RM (Indigenous) 25%, SFG 30%, FG 40%, Receivables 50%, L/C 25% (Cost
Margin) Extent and
Operation of the charge: The credit facilities
are secured by way of hypothecation of RM. SIP, FG and Book Debts and Movable
Plant Machinery, Vehicles Lying at plot No.327, GIDC, Ankleshwar |
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Particulars of
the property charged |
The credit
facilities are secured by way of hypothecation of RM. SIP, FG and Book Debts
and Movable Plant Machinery, Vehicles Lying at plot No.327, GIDC, Ankleshwar |
FIXED ASSETS:
- Land
- Factory
Building
- Plant and
Machinery
- Pollution
Control Equipment
- Resident Plot
- Furniture
- Telephone
- Computers
- Typewriter
- Air
Conditions
- Air Coolers
- Water Cooler
WEBSITE DETAILS:
MANUFACTURING
LOCATION
This well equipped
multipurpose plant is situated in the heart of GIDC Industrial Estate,
Ankleshwar. The estate is about 80 Kms. from Baroda, 60 Kms from Surat on
National Highway No. 8. The factory premise is about 2.5 Kms. from Ankleshwar
Railway Station, linked to most parts of the country by broad gauge railway
lines.
The plant is located in a 6000 sq. mt. area plot on the main road in GIDC. The
built up area is 900 sq. mt. comprising of production area, utilities section,
stores, quality assurance, R & D etc.
MANUFACTURING
FACILITY
The manufacturing
facility is designed to handle most of the chemical reactions in batch
operations with ease in product switch over. The material of construction of
reaction vessels range from Stainless Steel 316 to Glass lined reactor and
Graphite lined reactor with attached condensers, receivers and reflux cum
distillation facility and HDPE reactor. We have 13 reactors ranging from 250
lts to 2000 lts, total 16000 lts processing capacity. They are planning to
increase the manufacturing capacity by another 15000 lts soon.
The utilities being
the backbone of any plant, they have provided with all the necessary facilities
to achieve optimum production. The capabilities range from (-) 40 deg. Cent. to
300 deg. Cent., Vacuum up to 1.0 mm Hg. Abs., vacuum drying facility and Fluid
Bed Drying.
POLLUTION CONTROL
A chemical plant
produces polluted water, gasses and solid waste. Utmost care is taken to
achieve maximum yields at all stages of production and thereby reduce the BOD
and COD load on the effluent treatment plant to a manageable level.
The effluent
treatment plant is equipped with primary and secondary (Aerators) facilities for
primary treatment of effluents. The treated effluents are sent to Enviro
Technology Limited, an ISO: 14001 Company at the Common Effluent Treatment
Plant for further treatment and disposal.
All gases evolved during reactions are efficiently scrubbed so that the vented
gases confirm to statutory norms prescribed by Pollution Control Board.
The solid waste
generated is sent to Bharuch Enviro Infrastructure Limited, an ISO: 14001
Company for disposal at the Common Solid Waste Disposal Site for the entire
estate, established at par with European standards.
LABORATORY
The quality assurance
laboratory conducts all the in process checks and most of the tests on the
final product. They have instruments to measure melting point, moisture
content, loss on drying, Sulphated ash content, polarity of a substance, TLC
and GLC. Plans are on to add HPLC.
The R & D
laboratory is continuously engaged in process up gradation of existing products
and process development for new products. They have a team of research scientists
to help in establishing and improving the process parameters for various
products. Their strength is in the development of process technology for
rare chemicals.
They have four all
glass 50 lts capacity assemblies for process scale up study, development and
new trials.
HEALTH AND SAFETY
POLICY
Subject is committed to the promotion of the health, safety and well-being of all its employees and provide a safe and healthy work environment and to prevent occupational injuries and illnesses.
Company
believes that the life of its employees is precious and that the Health and
Safety aspects of its products, raw materials and activities need to be
identified and controlled to minimize their adverse effects. The management and
employees of the company will work together in consultation and cooperation to
promote health and safety culture and to comply the legislations for the
company’s products, processes and activities.
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.49.29 |
|
UK Pound |
1 |
Rs.80.40 |
|
Euro |
1 |
Rs.63.35 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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 |
|