MIRA
INFORM REPORT
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Report Date : |
27.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
NIDAAN CHEMICALS PRIVATE LIMITED |
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Registered Office : |
Plot No. 84-B/C, Phase-I, GIDC Vatva, Ahmedabad-382445, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
07.11.1986 |
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Com. Reg. No.: |
04-91447 |
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CIN No.: [Company
Identification No.] |
U24110GJ1986PTC009147 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacture and sale of speciality chemicals |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 95000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company meeting its normal
commitments timeously. Trade relations are fair. Business is active. The company can be considered good for normal business dealings. |
LOCATIONS
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Registered Office/ Factory : |
Plot No. 84-B/C, Phase-I, GIDC Vatva, Ahmedabad-382445, Gujarat, India |
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Tel. No.: |
91-79-25831709/25831816/25832997 |
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Fax No.: |
91-79-25896044 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Balabhadra Punjalal Shah |
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Designation : |
Chairman and
Managing Director |
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Address : |
60, Vasant Kunj
Society, Near Sharda Mandir Road, Paldi, Ahmedabad, Gujarat |
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Date of Birth/Age : |
27.10.1929 |
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Date of Appointment : |
07.11.1986 |
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Name : |
Mr. Kanan Birendra Shah |
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Designation : |
Director |
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Address : |
190, Manekbaug
Society, Behind Manekabaug Hall, Ambawadi, Ahmedabad-380015, Gujarat, India |
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Date of Birth/Age : |
15.10.1965 |
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Date of Appointment : |
28.02.2002 |
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Name : |
Mr. Birendra Shah |
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Designation : |
Director |
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Address : |
190, Manekbaug
Society, Behind Manekabaug Hall, Ambawadi, Ahmedabad-380015, Gujarat, India |
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Date of Birth/Age : |
11.03.1962 |
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Date of Appointment : |
07.11.1986 |
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Name : |
Mr. Anand Birendra Shah |
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Designation : |
Director |
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Address : |
190, Manek Baug Society, Behind Manekbaug Hall, Ambawadi,
Ahmedabad-380015, Gujarat, India |
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Date of Birth/Age : |
21.11.1988 |
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Date of Appointment : |
01.06.2008 |
KEY EXECUTIVES
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Name : |
Mr. Tushar M. Vora |
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Designation : |
Company Secretary |
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Address : |
110/938, Nirmal
Apartments, 132, Ring Road, Near Jaymangal Society, Naranpura, Ahmedabad – 380013,
Gujarat |
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Tel No.: |
91-79-27452545 |
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Email: |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2005
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Names of Shareholders |
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No. of Shares |
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Balbnadra Shah |
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50000 |
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Birendra Shah |
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25122 |
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Kanan Shah |
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24878 |
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Total |
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100000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2007
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacture and sale of speciality chemicals |
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Exports : |
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Countries : |
Europe and USA |
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Imports : |
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Countries : |
Europe |
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Terms : |
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Purchasing : |
L/C |
GENERAL
INFORMATION
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Bankers : |
˜ Dena Bank, Ellisbridge Branch, Pritamrai Road, Ellisbridge, Ahmedabad – 380006, Gujarat Tel. No. 91-79-25277397/25279635 ˜ Standard Chartered Bank, Ahmedabad, Gujarat |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Pradip R. Shah and Company Chartered Accountants |
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Address : |
203, ‘Akansha’, 2nd Floor, Navrangpura, Railway Crossing, Ahmedabad – 380009, Gujarat, India |
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Tel. No.: |
91-79-26466575/26569342 |
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Residential No.: |
91-79-26746518 |
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Fax No.: |
91-79-26466575 |
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E-Mail : |
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Associates/Subsidiaries : |
˜ Gita Dyeing, Bleaching and Printing Mills ˜ Shah and Shah, Indore, Madhya Pradesh ˜ Kusum Perfumes and Pharmaceuticals Private Limited |
CAPITAL STRUCTURE
As on 29.09.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.000 Million |
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150000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.500 Millions |
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Total |
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Rs. 2.500
Milions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.000 Million |
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150000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.500 Millions |
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Total |
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Rs. 2.500
Milions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.500 |
2.500 |
2.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
17.099 |
8.859 |
2.142 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
19.599 |
11.359 |
4.642 |
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LOAN FUNDS |
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1] Secured Loans |
6.837 |
5.125 |
5.500 |
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2] Unsecured Loans |
10.920 |
0.280 |
8.018 |
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TOTAL BORROWING |
17.757 |
5.405 |
13.518 |
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DEFERRED TAX LIABILITIES |
1.015 |
0.000 |
0.000 |
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TOTAL |
38.371 |
16.764 |
18.160 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
7.971 |
6.823 |
7.305 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.952 |
0.005 |
0.005 |
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DEFERREX TAX ASSETS |
0.000 |
1.088 |
0.962 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
10.856
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4.398 |
7.626 |
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Sundry Debtors |
5.160
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5.554 |
2.882 |
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Cash & Bank Balances |
18.168
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3.827 |
4.541 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
6.770
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4.187 |
3.176 |
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Total
Current Assets |
40.954
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17.966 |
18.225 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
6.394
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6.947 |
8.337 |
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Provisions |
5.112
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2.171 |
0.000 |
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Total
Current Liabilities |
11.507
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9.118 |
8.337 |
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Net Current Assets |
29.448
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8.848 |
9.888 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
38.371 |
16.764 |
18.160 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.49
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1.28 |
4.71 |
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Current Ratio (Current Asset/Current Liability) |
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3.56
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1.97 |
2.19 |
LOCAL AGENCY FURTHER
INFORMATION
Bankers Charges
Report as per Registry
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Name of the company |
NIDAAN CHEMICALS PRIVATE LIMITED |
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Presented By |
Chief Manager,
Dena Bank, Ellisbridge Branch, Pritamrai Road, Ellisbridge, Ahmedabad-380006,
Gujarat, India |
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1) Date and description of instrument creating the change |
Hypothecation of
Book Debts dated 6th Day of May 2004 executed by Niddan Chemicals
Private Limited (Borrower) in favour of Dena Bank Copy Enclosed |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 10.150
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 |
All the present
and future book debts, outstandings, moneys receivables, claims and bills,
sales, contracts, engagements and all movable securities due and owing to the
company |
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4) Gist of the terms and conditions and extent and operation of the charge. |
All the
securities described in Column No. 3 hereinabove hypothecated and charged to
the Bank for its (i) Letter of Credit DP/ DA- I/F Limit of Rs. 10.000
Millions and Clean overdraft limit of Rs. 0.150 Millions aggregating to Rs.
10.150 Millions plus interest, commission, costs, charges, expenses and other
monies payable by the company to the bank (ii) The company
shall pay interest at the rate of 3.50% over Dena Bank Prime Lending Rate
with a minimum of 18.25% per annum (inclusive of interest tax) with quarterly
rests. (iii) The company
shall maintain a margin of 50% over Book Debts |
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5) Name and Address and description of the person entitled to the charge. |
Dena Bank,
Ellisbridge Branch, Pritamrai Road, Ellisbridge, Ahmedabad-300006, Gujarat,
India |
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.46.43 |
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UK Pound |
1 |
Rs.85.38 |
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Euro |
1 |
Rs.67.95 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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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48 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
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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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