MIRA
INFORM REPORT
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Report Date : |
09.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
ANSHUL SPECIALITY MOLECULES LIMITED |
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Registered Office : |
Ram House, 1st Floor 4, Gaiwadi Industrial Estate, S V Road,
Goregaon (West), Mumbai – 400 062,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
05.10.1971 |
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Com. Reg. No.: |
11-15364 |
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CIN No.: [Company
Identification No.] |
U24100MH1971PLC015364 |
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Legal Form : |
A closely held Public Limited Liability Company |
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Line of Business : |
Manufacturer and Exporters of Acids, Drugs, Tanins, Essences, Pharmaceuticals,
Photographical, Medicinal, Chemicals, Industrial and other preparations |
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 94000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established and reputed company having
satisfactory track. Trade relations are fair. Business is active. Payments
are reported as usually correct and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
Ram House, 1st Floor 4, Gaiwadi Industrial Estate, S V
Road, Goregaon (West), Mumbai – 400
062, Maharashtra, India |
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Tel. No.: |
91-22-2872 1480 / 81 / 82 / 83 / 84 / 85 |
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Fax No.: |
91-22-2872 1486 |
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E-Mail : |
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Website : |
www.anshulspecialtymolecules.com |
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Factory : |
Excel Estate, S V Road, Goregaon (West), Mumbai – 400 062, Maharashtra, India |
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Tel. No.: |
91-22-28724091 |
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Fax No.: |
91-22-28746932 |
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E-Mail : |
DIRECTORS
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Name : |
Mrs. Usha Ashwin Shroff |
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Designation : |
Director |
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Address : |
B -15, Vasant Theosophical Society Juhu Road, Juhu, Mumbai – 400 049,
Maharashtra, India |
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Date of Birth/Age : |
17.07.1947 |
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Date of Appointment : |
24.11.1979 |
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E-Mail: |
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Name : |
Mr. Bahadur Vrajlal Gandhi |
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Designation : |
Director |
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Address : |
15/204, Indradarshan Phase II, Oshiwara, Andheri (West), Mumbai – 400
053, Maharashtra, India |
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Date of Birth/Age : |
18.11.1948 |
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Date of Appointment : |
30.08.1984 |
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E-Mail: |
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Name : |
Mr. Vipin Keshavlal Doshi |
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Designation : |
Director |
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Address : |
A – 203, Pushp Heritage Mahavir Nagar, Kandivli (West), Mumbai – 400
067, Maharashtra, India |
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Date of Birth/Age : |
21.10.1948 |
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Date of Appointment : |
30.08.1984 |
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E-Mail: |
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Name : |
Mr. Ashok Veljee Isharani |
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Designation : |
Director |
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Address : |
312, Laxmichand House Telang Road, Matunga, Mumbai – 400 019,
Maharashtra, India |
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Date of Birth/Age : |
14.08.1944 |
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Date of Appointment : |
23.04.2002 |
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E-Mail: |
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Name : |
Mr. Shivramakrishan Parmeshwaran Iyer |
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Designation : |
Director |
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Address : |
Flat 8, Plot 134, Om Kalpataru , Co-Op Hsg Society , A W Vastak Marg, Vile
Parle (East), Mumbai – 400 0577, Maharashtra, India |
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Date of Birth/Age : |
15.04.1947 |
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Date of Appointment : |
23.04.2002 |
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E-Mail: |
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Name : |
Mr. Jagdish Ramanlal Naik |
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Designation : |
Director |
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Address : |
6 Padma, S V Road, Vile Parle (West), Mumbai – 400 056, Maharashtra,
India |
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Date of Birth/Age : |
23.09.1958 |
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Date of Appointment : |
21.07.2006 |
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E-Mail: |
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Name : |
Mr. Ravi Ashwin Shroff |
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Designation : |
Director |
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Address : |
B – 15 Vasanta Theosophical Society, Juhu Tara Road, Mumbai – 400 049,
Maharashtra, India |
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Date of Birth/Age : |
05.02.1978 |
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Date of Appointment : |
20.04.2008 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders (As on 23.09.2005) |
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No. of Shares |
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Mr. Ashwin Shroff Mrs. Usha Shroff |
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8936 |
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Mrs. Usha Shroff Mr. Ashwin Shroff |
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5746 |
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Mrs. Snehalata Shroff Mr. Ashwin Shroff Mrs. Usha Shroff |
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2500 |
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Mr. Ashwin Shroff Mrs. Usha Shroff Mr. Ravi Shroff Mr. Hrishit Shroff |
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150 |
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Mr. Hrishit Shroff Mr. Ashwin Shroff Mrs. Usha Shroff |
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3655 |
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Utkarsh Chemicals Private Limited |
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2633 |
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Harijash Investments Private Limited |
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3150 |
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Brihat Investments Private Limited |
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375 |
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Mr. Ashwin Shroff Mr. Ashok Isharani Mr. Ravi Shroff |
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10 |
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Mr. Ravi Shroff Mrs. Usha Shroff Mr. Ashwin Shroff |
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3965 |
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Mr. Anshul Bhatia Mr. Amrish Bhatia Mrs. Usha Shroff |
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935 |
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Others |
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22500 |
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Total
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54555 |
Equity Share Breakup (Percentage of Total Equity):-
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Category (As on 31.03.2007) |
Percentage |
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Bodies Corporate |
19.00 |
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Directors or relative of directors |
81.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporters of Acids, Drugs, Tanins, Essences, Pharmaceuticals,
Photographical, Medicinal, Chemicals, Industrial and other preparations |
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Products : |
Specialty Pharma
Intermediates · 5-Chloro Methyl Anthranilate · Chloro Methyl Isopropyl Carbonate Specialty Aroma
Chemicals Other Specialty
Chemicals |
GENERAL
INFORMATION
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Bankers : |
Bank of India Address 1 : 28 Swami Vivekanand Road, Andheri (West),
Mumbai – 400 058, Maharashtra, India Address 2 : Andheri (West)
Branch MDI Building, S V Road, Andheri (West), Mumbai – 400 058, Maharashtra,
India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S V Ghatalia and Associates Chartered Accountants |
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Address : |
Medows House., 2nd Floor, Nagindas Master Road, Fort,
Mumbai – 400 023, Maharashtra, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
(As on
31.03.2007):-
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
47500 |
Equity Shares |
Rs. 100/- each |
Rs. 4.750 millions |
|
22500 |
Preference Shares |
Rs. 100/- each |
Rs. 2.250 millions |
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Total |
Rs. 7.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
32055 |
Equity Shares |
Rs. 100/- each |
Rs. 3.206
millions |
|
22500 |
Preference Shares |
Rs. 100/- each |
Rs. 2.250
millions |
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Total |
Rs. 5.456 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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1] Share Capital |
5.455 |
5.455 |
5.455 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
13.241 |
22.603 |
39.569 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
18.696 |
28.058 |
45.024 |
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LOAN FUNDS |
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1] Secured Loans |
22.971 |
4.542 |
9.113 |
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2] Unsecured Loans |
271.605 |
282.825 |
252.188 |
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TOTAL BORROWING |
294.576 |
287.367 |
261.301 |
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DEFERRED TAX LIABILITIES |
0.000 |
4.163 |
4.741 |
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TOTAL |
313.272 |
319.588 |
311.066 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
56.625 |
66.558 |
71.668 |
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Capital work-in-progress |
0.000 |
2.000 |
0.000 |
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INVESTMENT |
206.874 |
206.874 |
206.925 |
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DEFERREX TAX ASSETS |
0.163 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
17.695
|
26.247 |
27.341 |
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Sundry Debtors |
42.438
|
17.620 |
17.468 |
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Cash & Bank Balances |
1.338
|
3.107 |
2.024 |
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Other Current Assets |
0.067
|
0.175 |
0.145 |
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Loans & Advances |
17.400
|
28.938 |
11.253 |
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Total
Current Assets |
78.938
|
76.087 |
58.231 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
29.328
|
31.931 |
25.758 |
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Provisions |
0.000
|
0.000 |
0.000 |
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Total
Current Liabilities |
29.328
|
31.931 |
25.758 |
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Net Current Assets |
49.610
|
44.156 |
32.473 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
313.272 |
319.588 |
311.066 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
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Sales Turnover |
148.666 |
105.716 |
98.553 |
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Other Income |
5.187 |
6.251 |
110.400 |
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Total Income |
153.853 |
111.967 |
208.953 |
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Profit/(Loss) Before Tax |
[13.304] |
[17.313] |
18.787 |
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Provision for Taxation |
[4.103] |
[0.418] |
5.316 |
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Profit/(Loss) After Tax |
[9.201] |
[16.895] |
13.471 |
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Export Value |
88.489 |
31.850 |
40.842 |
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Expenditures : |
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Raw Material Consumed |
76.791 |
61.737 |
48.664 |
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Purchases made for re-sale |
0.681 |
0.170 |
0 |
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Consumption of stores and spares parts |
1.786 |
1.530 |
1.564 |
|
|
Increase/(Decrease) in Finished Goods |
8.185 |
[3.588] |
[3.184] |
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Salaries, Wages, Bonus, etc. |
22.499 |
20.817 |
18.399 |
|
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Payment to Auditors |
0.111 |
0.108 |
0.110 |
|
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Interest |
8.870 |
10.329 |
11.195 |
|
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Insurance Expenses |
0.722 |
0.713 |
0.736 |
|
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Power & Fuel |
11.649 |
9.868 |
8.509 |
|
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Depreciation & Amortization |
8.082 |
8.317 |
8.916 |
|
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Other Expenditure |
27.781 |
19.279 |
95.257 |
|
Total Expenditure |
167.157 |
129.280 |
190.166 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
[5.98]
|
[15.09] |
6.45 |
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Net Profit Margin (PBT/Sales) |
(%) |
[8.45]
|
[16.38] |
19.06 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
[3.88]
|
[10.09] |
5.58 |
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Return on Investment (ROI) (PBT/Networth) |
|
[0.71]
|
[0.62] |
0.42 |
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Debt Equity Ratio (Total Liability/Networth) |
|
17.32
|
11.38 |
6.38 |
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|
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Current Ratio (Current Asset/Current Liability) |
|
2.69
|
2.38 |
2.26 |
LOCAL AGENCY
FURTHER INFORMATION
NOTES:-
The company Registered Address was changed from Excel Estate, S V Road,
Goregaon (West), Mumbai – 400 062, Maharashtra, India to present Registered
Address.
FORM 8:-
|
Corporate
identity number of the company |
U24100MH1971PLC015364 |
|
Name of the company
|
ANSHUL SPECIALITY
MOLECULES LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Ram House, 1st Floor 4, Gaiwadi Industrial Estate, S V
Road, Goregaon (West), Mumbai – 400
062, Maharashtra, India |
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This form is for |
Creation of
Charge |
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Type of charge |
· Immovable Property |
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Particular of
charge holder |
Bank of India Address : Andheri
(West) Branch MDI Building, S V Road, Andheri (West), Mumbai – 400 058,
Maharashtra, India E-Mail: boiandhw@vsnl.net |
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Nature of
instrument creating charge |
Memorandum of
entry / Oral Assent for Equitable mortgage |
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Date of
instrument Creating the charge |
08.09.2006 |
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Amount secured by
the charge |
Rs. 26.840
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest : ROI: 3.25% over
BOIPLR presently 14.50 % for C/C, Monthly rests, As per Banks Extant
guidelines for EPC, FBP, FBN / FBD, I/F, L/C and inland guarantee. Terms of Repayment : Repayment : On
Demand Margin : Margin: Imp RM
25%, Ind RM 30%, Fg/WIP 35% ,
10% against L/C confirmed orders, 40% on book debts up to 90 days,
FBP/FBN/FBD 10% I/FL/C DP/DA 90 days and Inland Guarantee 10% on TDR Extent and Operation of the charge : Security in
favour of Bank for due repayment by the company to the bank at Andheri (West)
Branch on demand of the said aggregate credit facility limit of Rs. 26.840
millions comprising of various facilities with interests at agreed rates,
security shall remain and continue for any advance of any nature now due or
pending or that may be or become Others : The limits and
other condition |
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Short Particulars
of the property charged |
All that piece off
land with buildings, sheds and structures standing thereon, fixed machinery
and plant, fixtures, and fittings now
or hereafter to be erected or
installed thereon situated at Unit II
, Plot Nos. 108, 109 and 110, situated at Roha Industrial Area, Village Roth
Budruk, Taluka Roha District, Raigad , Maharashtra containing by ad
measurement 37803.47 Sq.Mtrs or
thereabouts Tenure: Leasehold. |
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Name of the company |
ANSHUL CHEMICALS LIMITED |
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Presented By |
Bank Of India, Andheri (West), Branch,
Mumbai and Anshul Chemicals Limited |
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1) Date and description of instrument creating the change |
19.11.2004 No instrument
Equitable mortgage of company’s immovable property by deposits of title deeds.
A copy of memorandum of entry / oral assent fro equitable mortgage enclosed. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 26.840
millions |
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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 |
Equitable
mortgage by deposits of title deeds
of all that piece of and with buildings, sheds and structures standing
thereon, situate at unit I Plot No.
65/A,. and 58/1 MIDc Dhatav,
Roha, District Raigad, containing by
admeasuring 8328 Sq.Mtrs or
thereabouts comprising land and building and other structures / machinery and [plant and other fixtures ad fittings erected or installed thereon
(both present and Future) |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Is security is created for due repayment by the
Company to the bank at Andheri (West) branch on the said aggregate total loan facility limit of Rs. 263840 millions comprising of various facilities with the
units granted to the company
at their request with interests at agreed rates or at such other rates would
applicable from time to time as per the guidelines of Reserve Bank of India and / or
the rules in force thereon and applied by Bank of India in that regard from time
to time. The security in favour of
the bank all remain and continue as security fro any advances
of any nature now due or pending or
that may be made or become due
hereafter from time to time in the
loan account / facilities at Andheri
(West) Branch or any other branch or office of the bank and / or for
any indebtedness or liability whatsoever of the company |
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5) Name and Address and description of the person entitled to the charge. |
Bank of India,
Andheri (West) Branch, 28 Swami
Vivekanand Road, Andheri
(West), Mumbai – 400 058, Maharashtra, India |
WEBSITE DETAILS:-
The company is promoted by the visionary
Shroff Family, which has a chemical stronghold not only on Indian Shores but
the world over. With more that five decades of chemical excellence 'EXCEL'
Industries Limited, the True Head of the group, with a single unifying mission
to place India on the chemical map of the world' has tamed the most hazardous
chemicals into matter-of-fact process.
Subject is carrying on the 'EXCEL' tradition of traming the hazardous
processess to make specialty chemicals. These products support production
of various bulk pharmaceuticals and pesticides in India and abroad. Their
products are having wide range of applications from defence to perfumery
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.44.26 |
|
UK Pound |
1 |
Rs.79.00 |
|
Euro |
1 |
Rs.63.53 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
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 |
6 |
|
--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 |
|
54 |
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 |
|