MIRA INFORM REPORT
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Report Date : |
30.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
ALTRET PERFORMANCE CHEMICALS GUJARAT PRIVATE LIMITED |
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Registered Office : |
12/2881, Saiyedpura Main Road, Saiyedpura, Surat – 395 003, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
09.07.2004 |
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Com. Reg. No.: |
44442 |
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CIN No.: [Company
Identification No.] |
U24299GJ2004PTC044442 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
SRTA01907D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of a
wide range of Chemicals and Allied Products |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Maximum Credit Limit : |
USD 8000 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. The company has substantial accumulated losses. It’s payment are
unknown. The company can be considered for any business dealings with some
caution. |
LOCATIONS
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Registered Office : |
12/2881, Altret House, Sayedpura Main Road, Surat – 395 003, Gujarat,
India |
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Tel. No.: |
91-261-2451807 / 2451808 / 2451809 |
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Fax No.: |
91-261-2434517 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Raj Lokhandwala |
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Designation : |
Director |
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Name : |
Mr. Sam Lokhandwala |
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Designation : |
Director |
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Name : |
Mr. Akbar Lokhandwala |
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Designation : |
Director |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
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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 and Exporter of a
wide range of Chemicals and Allied Products |
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Products: |
·
Industrial water
treatment chemicals for boilers and cooling towers ·
Combustion
monitoring chemicals for solid and liquid fuels ·
Hygiene
care products ·
Textile
Auxiliaries ·
Construction
chemicals ·
Products and
services related to R.O., etc |
GENERAL
INFORMATION
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Bankers : |
Surat People’s Co-Op Bank Limited Vashudhara Bhavan, Timaliyawad, Nanpura, Surat – 395 001, Gujarat,
India |
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Banking
Relations : |
Unknown |
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Auditors : |
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Name : |
S F Baxi Chartered Accountants |
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Address : |
505, Liberty Chambers, Timaliyawad, Surat – 395 001, Gujarat, India |
CAPITAL STRUCTURE
(As on 30.09.2007)
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1500000 |
Equity Shares |
Rs.10/- each |
Rs.15.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1333500 |
Equity Shares |
Rs.10/- each |
Rs.13.335
millions |
(As on 31.03.2007)
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1332900 |
Equity Shares |
Rs.10/- each |
Rs.13.329
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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13.329 |
13.300 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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5.478 |
0.000 |
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4] (Accumulated Losses) |
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(17.225) |
(3.226) |
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NETWORTH |
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1.582 |
10.074 |
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LOAN FUNDS |
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1] Secured Loans |
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25.848 |
26.845 |
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2] Unsecured Loans |
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31.555 |
12.653 |
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TOTAL BORROWING |
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57.403 |
39.498 |
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DEFERRED TAX LIABILITIES |
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1.953 |
1.247 |
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TOTAL |
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60.938 |
50.819 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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46.418 |
49.061 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
0.000 |
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Sundry Debtors |
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0.000 |
0.000 |
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Cash & Bank Balances |
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0.000 |
0.000 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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17.576 |
4.046 |
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Total
Current Assets |
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17.576 |
4.046 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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3.056 |
2.288 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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3.056 |
2.288 |
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Net Current Assets |
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14.520 |
1.758 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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60.938 |
50.819 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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38.22 |
4.15 |
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Current Ratio (Current Asset/Current Liability) |
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5.75 |
1.77 |
LOCAL AGENCY
FURTHER INFORMATION
Form No. 8
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Name of the company |
ALTRET PERFORMANCE CHEMICALS GUJARAT PRIVATE LIMITED |
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Presented By |
Sham B
Lokhandwala |
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1) Date and description of instrument creating the change |
17.09.2004 Memorandum of
Deposit of Title Deeds |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.33.785
millions Term Loan I E M
Rs.11.325 millions Term Loan II m/c
Rs.14.175 millions (Against
Machinery) Working Capital
Rs.8.285 millions (Against Stock
and Book Debts) |
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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 |
Land and
Industrial Shed at R S No. 387/1 Paikee at Village Paddhar, Sub Dist. Bhuj,
Dist. Kutch, Adms. 2:66:8 Hec Ra A.06:23 Guntha. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Equitable
Mortgage created to secure the Financial Assistance Given by the Bank |
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5) Name and Address and description of the person entitled to the charge. |
Surat People’s Co-Op Bank Limited Vashudhara Bhavan, Timaliyawad, Nanpura, Surat – 395 001, Gujarat,
India |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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. |
Not Applicable |
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Corporate
identity number of the company |
U24299GJ2004PTC044442 |
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Name of the
company |
ALTRET PERFORMANCE CHEMICALS GUJARAT PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
12/2881, Saiyedpura Main Road, Saiyedpura, Surat – 395 003, Gujarat,
India |
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This form is for |
Modification of
charge |
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Type of charge |
Hypothecation |
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Particular of
charge holder |
Surat People’s Co-Op Bank Limited Vashudhara Bhavan, Timaliyawad, Nanpura, Surat – 395 001, Gujarat,
India |
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Nature of
instrument creating charge |
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Date of
instrument Creating the charge |
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Amount secured by
the charge |
Rs.29.175
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Int. @ 5% above Bank
rate Subject to Minimum of 11% Repayable in Monthly Instalment of Rs.0.236
million. |
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Description of
the property charged indicating whether it is a charged on |
Plant and
Machinery |
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Particulars of
the property charged |
All the Machineries
of the Company to be installed at property situated at Survey No. 387/1,
Village: Padhar, Sub Dist.: Bhuj, Dudhai Road, Dist : Kutch with all other
Spare Parts. |
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Charge
identification number of the charge to be modified |
80009007 |
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Brief description
of the instrument modifying the charge under section 135 |
Deed of
Hypothecation fro extension of charge on the machinery to secure Cash Credit
Facility. |
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Date of
instrument modifying the charge |
13.07.2006 |
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Particulars of the
present modification |
Charge created on
property stated in Point No. 13 (c) above is now extended to secure the
enhanced Cash Credit Limits of Rs.6.715 millions. Making total charge on the
Assets Rs.29.175 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.43.79 |
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UK Pound |
1 |
Rs.80.05 |
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Euro |
1 |
Rs.64.56 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
- |
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--CREDIT LINES |
1~10 |
2 |
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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 |
NO |
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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 |
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22 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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