MIRA
INFORM REPORT
|
Report Date : |
08.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
VIPUL CHEMICALS INDIA PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Gala No. 113, Building No. 2, Sector – 3, Millenium Buss Park, Mahape,
Navi Mumbai – 400701, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
24.09.1999 |
|
|
|
|
Com. Reg. No.: |
11-121912 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U24110MH1999PTC121912 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMV10085F |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACV8512B |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturing of Chemicals |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 155000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Satisfactory |
|
|
|
|
Comments : |
Subject is a well – established and reputed company having
satisfactory track. Trade relations are fair. Business is active. Payments
are reported as per commitments. The company can be considered good for normal business dealings at usual
trade terms and conditions. This report is based on Government records and indirect sources of
information, as Mr. Tripathi (Finance Manager) is on leave and no other
person could part the details as informed by Ms. Jayshree (Receptionist) |
INFORMATION PARTED
BY
|
Name : |
Ms. Jayshree |
|
Designation : |
Receptionist |
|
Date : |
08.09.2008 |
LOCATIONS
|
Registered Office : |
Gala No. 113, Building No. 2, Sector – 3, Millenium Buss Park, Mahape,
Navi Mumbai – 400701, Maharashtra |
|
Tel. No.: |
91-22-27781511 |
|
Fax No.: |
91-22-27781500 |
|
E-Mail : |
|
|
|
|
|
Factory 1 : |
Plot No. C-101, TTC Industrial Area, Pawne, MIDC, Navi
Mumbai – 400 705, Maharashtra, |
|
Tel. No.: |
91-22-27781510 / 11 /
27781509 / 27622620 / 21 |
|
Fax No.: |
91-22-27622645 /
27781509 |
|
E-Mail : |
DIRECTORS
|
Name : |
Mr. Kadam Vithu Ramchandra |
|
Designation : |
Director |
|
Address : |
2B/201, Sukur Par, Mumbai – Pune Road, Kalwa (West), Thane – 4000605,
Maharashtra |
|
Date of Birth/Age : |
17.06.1963 |
|
Date of Appointment : |
24.09.1999 |
|
|
|
|
Name : |
Mr. Kadam Vithu Laxman |
|
Designation : |
Director |
|
Address : |
2B/201, Sukur Par, Mumbai – Pune Road, Kalwa (West), Thane – 4000605,
Maharashtra |
|
Date of Birth/Age : |
17.06.1963 |
|
Date of Appointment : |
24.09.1999 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 28.09.2005
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Kadam Vithu Ramchandra |
|
13240 |
|
Mr. Kadam Vithu Laxman |
|
13240 |
|
Mr. Liladhar K Nizai |
|
1 |
|
Mr. Kalpana L Nizai |
|
1 |
|
Mr. Narayan M Amin |
|
1 |
|
Ms. Shilpa Sandeep Naik |
|
1 |
|
Ms. Seema S Trilolkar |
|
1 |
|
Mr. Vinaya Vikas Karve |
|
1 |
|
Mr. Pratod Shridhar Pednekar |
|
1 |
|
Mr. Anant Laxman Jagtap |
|
1 |
|
Mr. Jayant Kashiram Desai |
|
1 |
|
Mr. Anil Vithu Kadam |
|
1 |
|
Ms. Rekha Ramesh Newalkar |
|
1 |
|
Mr. Arun Vinayak Chavak |
|
1 |
AS ON 31.03.2007
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Chemicals |
|
|
|
|
Products : |
˜ Chemicals |
GENERAL
INFORMATION
|
Suppliers : |
˜ V. P. Engineering ˜ K. B. Electricals ˜ Chemico ˜ Alpha Carbonless Paper Manufacturing Company Private Limited ˜ Nippon Enterprises ˜ Shree Balaji Road Carriers ˜ Supersonic Services ˜ The Professional Couriers ˜ Western Express |
|
|
|
|
Customers : |
˜ Aspha Board Private Limited ˜ Ballarpur Industries Limited ˜ Bilt Graphic Papers Limited ˜ Bilt Industrial Packaging Company Limited ˜ Haryana Coated Papers Limited ˜ Hindustan Rasayan Private Limited ˜ Pragati Chemicals ˜ Seshasayee Paper & Boards Limited ˜ Sudhir Papers Limited ˜ The West Coast Paper Mills Limited |
|
|
|
|
No. of Employees : |
25 |
|
|
|
|
Bankers : |
˜ State Bank of India, Wagle Industrial Branch, Thane, Maharashtra |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Thakur Naik & Deo Chartered Accountants |
|
Address : |
Shanti Cottage, Thakur Blocks, 2nd Floor, Above Suvidha Stores, Gokhale Road, Naupada, Thane (West) – 400 602, Maharashtra |
|
Tel. No.: |
91-22-25402062 / 25410333 |
|
Fax No.: |
91-22-25401398 |
|
|
|
|
Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
AS ON 31.03.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
40000 |
Equity Shares |
Rs. 100/- Each |
Rs. 4.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
26500 |
Equity Shares |
Rs. 100/- Each |
Rs. 2.650 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
2.650 |
2.650 |
2.650 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
28.444 |
18.003 |
9.520 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
31.094 |
20.653 |
12.170 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
11.189 |
12.462 |
20.399 |
|
|
2] Unsecured Loans |
0.235 |
2.635 |
3.355 |
|
|
TOTAL BORROWING |
11.424 |
15.097 |
23.754 |
|
|
DEFERRED TAX LIABILITIES |
0.571 |
0.632 |
0.691 |
|
|
|
|
|
|
|
|
TOTAL |
43.089 |
36.382 |
36.615 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
14.205 |
13.220 |
12.955 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
17.935 |
16.029 |
14.055 |
|
|
Sundry Debtors |
9.478 |
12.584 |
11.630 |
|
|
Cash & Bank Balances |
4.201 |
3.098 |
0.769 |
|
|
Other Current Assets |
0.242 |
0.259 |
0.240 |
|
|
Loans & Advances |
1.893 |
1.104 |
0.339 |
|
Total
Current Assets |
33.749 |
33.074 |
27.033
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
3.916 |
8.072 |
2.725 |
|
|
Provisions |
0.949 |
1.840 |
0.648 |
|
Total
Current Liabilities |
4.865 |
9.912 |
3.373
|
|
|
Net Current Assets |
28.884 |
23.162 |
23.660
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
43.089 |
36.382 |
36.615 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
116.856 |
101.080 |
|
|
Total Income |
|
116.856 |
101.080 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
15.980 |
13.242 |
|
|
Provision for Taxation |
|
0.000 |
0.000 |
|
|
Profit/(Loss) After Tax |
|
15.980 |
13.242 |
|
|
|
|
|
|
|
|
Earnings in Foreign Currency : |
|
|
|
|
|
|
Export Earnings |
|
0.817 |
0.462 |
|
Total Earnings |
|
0.817 |
0.462 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Interest |
|
2.091 |
1.840 |
|
|
Depreciation & Amortization |
|
1.489 |
1.449 |
|
|
Other Expenditure |
|
97.296 |
84.549 |
|
Total Expenditure |
|
100.876 |
87.838 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
13.67
|
13.10 |
-- |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
13.67
|
13.10 |
-- |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
33.32
|
28.60 |
-- |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.51
|
0.64 |
-- |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.52
|
1.21 |
2.22 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
6.93
|
3.33 |
8.01 |
LOCAL AGENCY FURTHER
INFORMATION
The company’s fixed assets of important value include plant & machinery, office premises, office equipments, furniture & fixtures, computer installation and vehicles.
Form 8
|
This form is for |
Modification of
charge |
|
Charge identification
number of the modified |
90147467 |
|
Corporate
identity number of the company |
U24110MH1999PTC121912 |
|
Name of the
company |
VIPUL CHEMICALS INDIA PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
Gala No. 113, Building No. 2, Sector – 3, Millenium Buss Park, Mahape,
Navim Mumbai – 400701, Maharashtra |
|
Type of charge |
Book Debts Movable Property |
|
Particular of
charge holder |
State Bank of India, Wagle Industrial Branch, Thane,
Maharashtra |
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental
Agreemtn of Loan cum Hypothecation Arrangement
Letter Both constitute
single modfn |
|
Date of instrument
Creating the charge |
17.03.2008 |
|
Amount secured by
the charge |
Rs. 41.700
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
– As per Arrangement Letter Terms of Repayment
- As per Arrangement Letter Margin - As per
Arrangement Letter Extent and
Operation of the charge – Not Applicable Others – Not
Applicable |
|
Short particulars
of the property charged |
All present and future
Goods, Bookdebts, Movables and other assets of the borrower including
documents of title to goods and other assets such as outstanding moneys,
receivable, claims, bills, invoice, document, contracts, engagements,
securities, investments and the present and all future machinery wherever
lying, store and kept including all such goods, movables and other assets as
may be in course of shipment, transit or delivery |
|
Date of latest
modification prior to the present modification |
12.09.2007 |
|
Particulars of
the present modification |
Now by the
present modfn. 17.03.2008 earlier term loans out standing balance of Rs.
24.600 Millions and now new fresh term loan of Rs. 15.000 Millions has since
been discussed thus the loan amounts to Rs. 41.700 Millions |
As per website details
Subject was established in 1999 and within a span of three years, became
market leader in Crosslinkers in India. The company has its Head office and Factory
in New Mumbai. The present production capacity is 500 MT per month. The plant
is capable of producing all the types of Polymer dispersions, Resins and
speciality chemicals. The company has its own R&D centre and application
lab in New Mumbai.
The Company has tied up with lamberti Spa, Italy to market their products in
india. Company is currently undergoing expansion to doubble the production
capacity by the end of this year mainly to serve export market. Company will
soon introduce Food grade Products as a barrier coat in Food & Beavarage
Packaging
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.44.37 |
|
UK Pound |
1 |
Rs.78.09 |
|
Euro |
1 |
Rs.63.41 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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 |
|
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 |
|