MIRA
INFORM REPORT
|
Report Date : |
06.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
MSN INTERMEDIATES LIMITED |
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Formerly Known As : |
HANS INTERMEDIATES LIMITED |
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Registered Office : |
Plot No. 205/206/4, Phase-I, GIDC Naroda, Ahmedabad – 382 330, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
17.09.2002 |
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Com. Reg. No.: |
04-41291 |
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CIN No.: [Company
Identification No.] |
U24231GJ2002PLC041291 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMH01199C |
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PAN No.: [Permanent
Account No.] |
AABCH2032H |
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Legal Form : |
A closely held public limited liability company |
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Line of Business : |
Manufacturer of Dye Intermediate i.e. chemicals used by paper industry
e.g. Yellow print, Yellow Pigment colour. |
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 46000 |
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Status : |
Recently Commenced Operations |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a 6 years old company but commenced commercial operations only
in 2007-08. The company is doing an approx turnover of about Rs.15.000
millions per month as claimed by the management. Trade relations are fair.
Payments are reported as usually correct and as per commitments. The company can be considered good for small to mediocre business
dealings initially. |
INFORMATION PARTED
BY
|
Name : |
Mr. Nalin Jariwala |
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Designation : |
Director |
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Date : |
05.09.2008 |
LOCATIONS
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Registered Office/Factory : |
Plot No. 205/206/4, Phase-I, GIDC Naroda, Ahmedabad – 382 330,
Gujarat, India |
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Tel. No.: |
91-79-22821554 / 22822598 |
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Mobile No.: |
91-9824021319 |
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Fax No.: |
91-79-22805796 |
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E-Mail : |
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Website : |
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Area : |
2800 Sq. m. |
DIRECTORS
|
Name : |
Mr. Nalin Rajnikant Jariwala |
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Designation : |
Director |
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Address : |
Naranpura Char Rasta, Opp. UCO Bank, B/h Police Chowky, Ahmedabad –
380 013, Gujarat, India |
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Qualification : |
Chemical Engineer |
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Date of Appointment : |
17.09.2002 |
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Name : |
Mr. Vijay Rajnikant Jariwala |
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Designation : |
Director |
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Address : |
Naranpura Char Rasta, Opp. UCO Bank, B/h Police Chowky, Ahmedabad –
380 013, Gujarat, India |
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Date of Appointment : |
17.09.2002 |
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Date of Ceasing : |
11.11.2004 |
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Name : |
Mr. Bharat Tarunchandra Jariwala |
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Designation : |
Dierctor |
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Address : |
Naranpura Char Rasta, Opp. UCO Bank, B/h Police Chowky, Ahmedabad –
380 013, Gujarat, India |
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Date of Appointment : |
17.09.2002 |
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Date of Ceasing : |
11.11.2004 |
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Name : |
Mr. Pankaj Tarunchandra Jariwala |
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Designation : |
Director |
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Address : |
Naranpura Char Rasta, Opp. UCO Bank, B/h Police Chowky, Ahmedabad –
380 013, Gujarat, India |
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Date of Appointment : |
17.09.2002 |
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Date of Ceasing : |
11.11.2004 |
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Name : |
Mr. Mahesh Dalichand Agrawal |
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Designation : |
Director |
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Address : |
9, Rushil Bunglow, Near Judges Bunglow, Bodakdev, Ahmedabad – 380 054,
Gujarat, India |
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Qualification : |
Chemical Engineer |
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Date of Appointment : |
24.11.2004 |
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Name : |
Mr. Dinesh Jasraj Jain |
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Designation : |
Director |
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Address : |
Swagat, Near Parimal Garden, Ellisbridge, Ahmedabad – 380 006,
Gujarat, India |
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Qualification : |
B.Sc. |
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Date of Appointment : |
24.11.2004 |
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Name : |
Mr. Dinesh Kantilal Shah |
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Designation : |
Director |
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Address : |
8, Pushpak, Near New Girdhar Park Society, Ambavadi, Ahmedabad – 380
006, Gujarat, India |
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Date of Appointment : |
10.11.2004 |
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Name : |
Mr. Rajnikant C Jariwala |
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Designation : |
Director |
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Address : |
Naranpura Char Rasta, Opp. UCO Bank, B/h Police Chowky, Ahmedabad –
380 013, Gujarat, India |
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Date of Appointment : |
10.11.2004 |
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Date of Ceasing : |
27.11.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
|
Names of Shareholders |
No. of Shares |
|
Nalin Rajnikant Jariwala |
71855 |
|
Rajnikant C Jariwala |
5000 |
|
Smita Nalin Jariwala |
81555 |
|
Aditi Jariwala |
74355 |
|
Shalini Jariwala |
74355 |
|
Sadique Ansari |
100 |
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Sonal Dinesh Shah |
100 |
|
Dinesh K Shah |
100 |
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Total |
307420 |
List of Allotment (As on 18.04.2008)
|
Names of Shareholders |
No. of Shares |
|
Mahesh Raj Chemicals Private Limited |
30726 |
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Ornet Intermediates Limited |
248718 |
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|
|
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Total |
279444 |
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
|
Line of Business : |
Manufacturer of Dye Intermediate i.e. chemicals used by paper industry
e.g. Yellow print, Yellow Pigment colour. |
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Exports : |
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Countries : |
·
USA ·
UK ·
Japan ·
Spain ·
Belgium ·
Denmark ·
China ·
Russia ·
Pakistan ·
Vietnam ·
Taiwan ·
Korea |
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Imports : |
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Countries : |
·
Germany ·
China ·
Japan |
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Terms : |
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Selling : |
Credit (60 days) |
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Purchasing : |
Cash |
GENERAL
INFORMATION
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Customers : |
End Users |
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No. of Employees : |
60 |
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Bankers : |
Bank of India Ahmedabad Corporate Banking Branch, Bank of India Building, II Floor,
Bhadra, Ahmedabad – 380 001, Gujarat, India |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Parikh and Majmudar Chartered Accountants |
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Address : |
204/5/6, Harsh Avenue, Near Navjeevan P.O., Opp. Old High Court,
Ahmedabad – 380 014, Gujarat, India |
CAPITAL STRUCTURE
(As on 29.09.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
614840 |
Equity Shares |
Rs.10/- each |
Rs.6.148
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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|
SHAREHOLDERS FUNDS |
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|
|
|
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1] Share Capital |
6.148 |
6.148 |
3.074 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
9.530 |
9.530 |
0.000 |
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4] (Accumulated Losses) |
(6.411) |
(0.257) |
(0.257) |
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NETWORTH |
9.267 |
15.421 |
2.817 |
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LOAN FUNDS |
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1] Secured Loans |
30.255 |
11.479 |
0.000 |
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2] Unsecured Loans |
5.773 |
2.983 |
5.215 |
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TOTAL BORROWING |
36.028 |
14.462 |
5.215 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
45.295 |
29.883 |
8.032 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
27.340 |
1.392 |
1.602 |
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Capital work-in-progress |
0.000 |
15.482 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
2.792 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
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Inventories |
12.727
|
0.000 |
0.000 |
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Sundry Debtors |
5.032
|
0.000 |
0.015 |
|
|
Cash & Bank Balances |
0.292
|
10.171 |
1.201 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
5.857
|
5.057 |
5.624 |
|
Total
Current Assets |
23.908
|
15.228 |
6.840 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Current Liabilities |
8.767
|
2.283 |
0.520 |
|
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Provisions |
0.015
|
0.010 |
0.000 |
|
Total
Current Liabilities |
8.782
|
2.293 |
0.520 |
|
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Net Current Assets |
15.126
|
12.935 |
6.320 |
|
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|
|
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|
MISCELLANEOUS EXPENSES |
0.037 |
0.074 |
0.110 |
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|
|
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|
|
|
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TOTAL |
45.295 |
29.883 |
8.032 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
7.451 |
0.000 |
10.637 |
|
|
Other Income |
0.033 |
0.000 |
2.745 |
|
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Total Income |
7.484 |
0.000 |
13.382 |
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|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
(8.931) |
0.000 |
0.100 |
|
|
Provision for Taxation |
0.000 |
0.000 |
0.000 |
|
|
Profit/(Loss) After Tax |
(8.931) |
0.000 |
0.100 |
|
|
|
|
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Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
15.008 |
0.000 |
8.440 |
|
|
Consumption of stores and spares parts |
0.000 |
0.000 |
0.054 |
|
|
Increase/(Decrease) in Finished Goods |
(7.558) |
0.000 |
0.000 |
|
|
Salaries, Wages, Bonus, etc. |
0.572 |
0.000 |
0.405 |
|
|
Managerial Remuneration |
0.050 |
0.000 |
0.000 |
|
|
Payment to Auditors |
0.084 |
0.000 |
0.000 |
|
|
Interest |
2.032 |
0.000 |
0.053 |
|
|
Insurance Expenses |
0.000 |
0.000 |
0.063 |
|
|
Power & Fuel |
1.445 |
0.000 |
1.194 |
|
|
Depreciation & Amortization |
2.253 |
0.000 |
0.738 |
|
|
Other Expenditure |
2.529 |
0.000 |
2.335 |
|
Total Expenditure |
16.415 |
0.000 |
13.282 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
(119.33)
|
0.00 |
0.75 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(119.86)
|
0.00 |
0.94 |
|
|
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|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(17.43)
|
0.00 |
1.18 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.96)
|
0.00 |
0.04 |
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|
|
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|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.84
|
1.09 |
2.04 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.72
|
6.64 |
13.15 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References
·
Micro Ink
Form No. 8
|
Corporate
identity number of the company |
U24231GJ2002PLC041291 |
|
Name of the
company |
MSN INTERMEDIATES LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
Plot No. 205/206/4, Phase-I, GIDC Naroda, Ahmedabad – 382 330,
Gujarat, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
·
Immovable
property ·
Book debts ·
Movable
property (not being pledge) |
|
Particular of
charge holder |
Bank of India Ahmedabad Corporate Banking Branch, Bank of India Building, II Floor,
Bhadra, Ahmedabad – 380 001, Gujarat, India |
|
Nature of
instrument creating charge |
Deed of
Rectification in respect of extension of oral ascent dated 08.01.2008 |
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Date of
instrument Creating the charge |
08.01.2008 |
|
Amount secured by
the charge |
Rs.49.700
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate of
interest Term Loan : 0.25% above BPLR presently 13.50% p.a. with monthly rests. Cash Credit : 0.25% above BPLR presently 13.50% p.a. with monthly
rests. EPC : As applicable from time to time FBN/FBP : As applicable from time to time ·
Terms of
repayment Term Loan : 16 Quarterly instalments of Rs.1.250 millions each to
commence from 01.04.2008 Cash Credit : On Demand EPC : On Demand FBN/FBP : On Demand ·
Margin Term Loan : 36.10% Cash Credit : Stock 25% and Book Debt 40% EPC : 10% FBN/FBP : Nil ·
Extent and operation
of the charge Equitable mortgage of land and building situated at plot no. 205-206/4
phase I GIDC Naroda, Amhedabad - 382330 |
|
Particulars of
the property charged |
Equitable
mortgage of land and building situated at plot no. 205-206/4 phase I GIDC
Naroda, Amhedabad - 382330 |
|
Particulars of
the present modification |
In the original
Memorandum of Entry for extension of oral ascent dated 02.11.2006 erroneously
the name of the company has written as “ Italia Ceramics Limited’ instead of “MSN
Intermediates Limited’ Thus, this deed of rectification dated 08.01.2008 has
been entered in to give effect of the change of the name for total charge for
Rs.49.700 millions created/extended in favour of Bank of India, Ahmedabad
corporate banking branch, Ahmedabad. |
Web Details
Hans Chemicals was promoted in 1983 by a group of young
technocrats comprising of Chemical Engineer, Management Graduate, Chartered
Accountant and Science Graduate to manufacture Dyes Intermediates of Benzidine group
based on traditional Formaldehyde / Dextrose technology.
Over a period of time, they successfully manufactured,
marketed and exported various products like O. T. Base, Naphthol ASG, Benzidine
Dihydrochloride, O-Dianisidine Base and 3-3' Dichlorobenzidine Dihydrochloride.
They then pioneered the production of Dichlone (2:3 Dichloro
1:4 Napthaquinone), a catalyst used in the synthesis of the Benzidine group
intermediates, for the first time in India and that too form materials
available indigenously. This made them the most economical source for Benzidine
group intermediates.
In 1990, they decided to come out from fragmented capacity of
various intermediates and used this powerful infrastructure for only one
product. They augmented the capacity for 3-3' Dichlorobenzidine Dihydrochloride
(3-3' DCB). This paid them rich dividends. They successfully exported FCL
quantities of 3-3' DCB to countries like USA,
Japan, UK, Spain, Belgium, Denmark, Chaina, Russia, Pakistan, Vietnam, Taiwan,
Korea etc., through various
export houses of India.
By 2000 had capacity of 900 MT per year of 3-3' DCB and had
very highly experienced staff of 50 people, which give them the confidence to
cater gave to the requirement of 3-3' DCB to the best of the satisfaction.
From 1st October 2003, Hans Chemicals is converted in to
Limited Company namely " HANS INTERMEDIATES LIMITED " to reflect the
international image.
The extensive in house research and development efforts paid
rich dividends and they could stabilise 3-3’ DCB manufacturing process based on
the latest Hydrogenation Technology. By 2004 they validated this Hydrogenation
Technology on commercial level.
They have now (2005) formed a 100%
EOU (Export Oriented Unit) based on the latest Hydrogenation Technology with a
capacity of 1100 MT/ yr to serve the international customer still better. To
reflect the new identity as 100% EOU based on the latest – more efficient and
cleaner Hydrogenation technology. The name is once again being changed to “ MSN
INTERMEDIATES LTD.” .
Product
The main product 3-3'
Dichlorobenzidine Dihydrochloride ( 3-3' DCB ) is an important
intermediate for manufacturing Organic
Pigment Yellow 12 ( CINo. 21090 ), Pigment Orange 13 ( CINo. 21110 ), some dyestuff colorants and
most Yellow Pigments.
Resources
They have well developed
infrastructure to take care of 100 MT / month of 3-3' DCB production with a
spare boiler and cooling tower. A captive power generation ensures
un-interrupted power supply in case of power failure.
A large chilling plant and water circulation system with back up equipment
ensure smooth operation.
The Managing Director is a qualified and well experienced Chemical Engineer who has over 20 years experience of manufacturing Benzidine group dyes intermediates. He is assisted by able utility Engineer, Production Manager, Qualified R and D and QC Staff. 6 Shift Chemists, 9 Shift Operators and 3 ETP Operators and a Maintenance team of 6 ensure the smooth running of the Plant. All 50 of them are committed to service your need for the best quality 3-3’ DCB. They are building and organization that will help them to delivery world class product, maintain high standard of integrity and achieve total customer satisfaction without compromising the ecology consciousness.
The
constant efforts at improving the primary effluent treatment process have
resulted in the recovering valuable by product – OCA ( Ortho chloro aniline).
They
also make best from the waste by producing chemical gypsum for cement companies
from the waste acid .
They are also member of Naroda Envilor Projects Limited (NEPL) who give final treatment to the primarily treeted liquid effluent of the industrial cluster in their common effluent treatment plant (CEPT). NEPL also manages designated site for the disposal of solid waste of our industrial estate.
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 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.44.37 |
|
UK Pound |
1 |
Rs.78.09 |
|
Euro |
1 |
Rs.63.41 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
- |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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 |
|