MIRA
INFORM REPORT
|
Report Date : |
07.08.2010 |
IDENTIFICATION DETAILS
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Name : |
CALIBRE CHEMICALS PRIVATE LIMITED |
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Registered
Office : |
703 Dalamal
House, 206 Nariman Point, Mumbai – 400 021, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
20.10.1983 |
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Com. Reg. No.: |
11-31128 |
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CIN No.: [Company Identification
No.] |
U24100MH1983PTC031128 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
MUMC10102B |
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PAN No.: [Permanent Account No.] |
AAACC1952G |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business
: |
Manufacturer, Exporter
and Importer of Inorganic Chemicals and also makes Wind Power Generation for
Captive Consumption. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (58) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 783000 |
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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 an
established company having fine track records. Financial position of the
company appears to be sound. Trade relations are reported as fair. Business
is active. Payments are reported to be regular and as per commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Annaji Rao |
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Designation : |
Finance Executive |
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Contact No.: |
91-9820050285 |
LOCATIONS
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Registered Office/ Corporate
Office : |
703 Dalamal
House, 206 Nariman Point, Mumbai – 400 021, |
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Tel. No.: |
91-22-2282 3148 /
22844335 / 22871797 |
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Mobile No.: |
91-9820050285
(Mr. N. Annaji Rao) |
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Fax No.: |
91-22-2283 2087 |
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E-Mail : |
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Website : |
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Area : |
2200 Sq. ft. |
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Location : |
Owned |
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Chemical
Factory : |
901-907, 1002 and
1006, GIDC Sarigam, Umbergaon Taluka, District Valsad – 396155, |
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Tel. No.: |
91-260-2780116 |
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Fax No.: |
91-260-2781336 |
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Area : |
22000 Sq. meter |
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Location : |
Owned |
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Wind Farm
Factory : |
Locations 5 and
6, Survey Number 384, |
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Area : |
15 Acres |
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Location : |
Owned |
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Chemicals
Works : |
Road No. 9 GIDC
Sarigam Via Bhilad, District Valsad – 396 155, |
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Other Factory
: |
D-57 MIDC TTC Area, Off Turbhe Naka, Navi Mumbai-400 705,
46/6 APM Yard, Sector 18 Vashi, Navi Mumbai-400 703
46/5 APM Yard, Sector 18 Vashi, Navi Mumbai-400 703
5/6
G-355 Dhalgaon Site, District Sangli, |
DIRECTORS
|
Name : |
Mr. Ranjit Hiranand
Bhavnani |
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Designation : |
Group Chairman
and Managing Director |
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Address : |
3, |
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Date of Birth
: |
02.11.1951 |
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Qualification
: |
B. Tech, M. Tech,
M.B.A. |
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Date of Appointment : |
20.10.1983 |
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Name : |
Mrs. Mala Ranjit
Bhavnani |
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Designation : |
Executive
Director |
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Address : |
3, |
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Date of Birth
: |
02.11.1954 |
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Qualification
: |
B. Sc. |
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Date of Appointment : |
20.10.1985 |
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Name : |
Mr. Dhanesh
Choith Bhagia |
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Designation : |
Executive
Director |
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Address : |
C-403, Ganga
Estate, |
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Date of Birth
: |
08.12.1953 |
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Qualification
: |
B. Tech |
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Date of Appointment : |
20.03.1991 |
KEY EXECUTIVES
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Name : |
Mr. T. V. Issac |
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Designation : |
Executive Director |
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Name : |
Mr. Parshotam R. Barwal |
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Designation : |
Commercial Executive |
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Name : |
Mr. Annaji N. Rao |
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Designation : |
Finance Executive |
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Name : |
Mr. P. R. Yashodharan |
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Designation : |
Supplier Accounts |
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Name : |
Mr. M. K. Swami |
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Designation : |
Export Documentation |
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Name : |
Mr. Ravi Niar |
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Designation : |
Tax Documentation |
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Name : |
Mr. M. V. paulose |
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Designation : |
Accounts |
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Name : |
Mr. Annaji Rao |
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Designation : |
Finance Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2009
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Names of Shareholders |
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No. of Shares |
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Mr. Ranjit H. Bhavnani |
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1271 |
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Mr. Rikhil
Bhavnani |
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1100 |
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Mrs. Mala
Bhavnani |
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4042 |
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Mr. Trivik Bhavnani |
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1100 |
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Mr. Ranjit H.
Bhavnani (HUF) |
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5532 |
|
Igloo Dairy Services Private Limited |
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2300 |
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Total |
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15345 |
(AS ON 30.09.2009)
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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 |
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Total
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|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer,
Exporter and Importer of Inorganic Chemicals and also makes Wind Power
Generation for Captive Consumption. |
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Products : |
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Exports : |
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Products : |
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Countries : |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash and
Credit 120 Days |
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Purchasing : |
L/C, Cash and
Credit 60/ 90 Days |
PRODUCTION STATUS
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Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Chemicals |
Kgs. |
4400000 |
3238641 |
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Gas Co-Gen Energy |
KWHr |
2055 KW |
5814240 |
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Wind Energy |
KWHr |
1.3 MW |
2399525 |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Wholesalers,
Distributors and End Users
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No. of Employees : |
110 (In office – 20, In factory – 90) |
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Bankers : |
·
Citibank
N.A. , Bandra Kurla Complex,
G-Block, Bandra (East), Mumbai – 400 051, ·
SBI Commercial
and International Bank Limited, Nariman Point, Mumbai, ·
State
Bank of ·
ING
Vysya Bank Limited, ·
Bank
of |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Chag Pahwa and
Shah Chartered
Accountants |
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Address : |
404, Bhagyalaxmi,
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Tel. No.: |
91-22-23873358 |
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Fax No.: |
91-22-23814443 |
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Name : |
Deloitte Haskins
and Sells Chartered
Accountants |
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Address : |
12, |
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Tel. No.: |
91-22-66679000 |
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Fax No.: |
91-22-66679100 |
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Memberships : |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25000 |
Equity Share |
Rs.100/- each |
Rs.2.500 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
11743 |
Equity Share |
Rs.100/- each |
Rs.1.174
Millions |
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FINANCIAL DATA
[All figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1.174 |
1.534 |
1.534 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
194.609 |
156.032 |
119.888 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
195.783 |
157.566 |
121.422 |
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LOAN FUNDS |
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1] Secured Loans |
126.137 |
120.079 |
142.253 |
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2] Unsecured Loans |
60.825 |
77.415 |
0.798 |
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TOTAL BORROWING |
186.962 |
197.494 |
143.051 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
382.745 |
355.060 |
264.473 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
96.373 |
107.822 |
54.890 |
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Capital work-in-progress |
0.000 |
0.000 |
3.627 |
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INVESTMENT |
0.000 |
0.000 |
14.090 |
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DEFERREX TAX ASSETS |
0.594 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
176.786
|
264.591
|
132.207 |
|
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Sundry Debtors |
153.970
|
166.334
|
69.606 |
|
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Cash & Bank Balances |
1.773
|
20.486
|
1.934 |
|
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Other Current Assets |
0.205
|
0.233
|
0.018 |
|
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Loans & Advances |
53.423
|
35.807
|
36.957 |
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Total
Current Assets |
386.157
|
487.451
|
240.722 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
88.213
|
230.067
|
43.131 |
|
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Provisions |
12.166
|
10.146
|
5.725 |
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Total
Current Liabilities |
100.379
|
240.213
|
48.856 |
|
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Net Current Assets |
285.778
|
247.238
|
191.866 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
382.745 |
355.060 |
264.473 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Sales Turnover |
937.063 |
872.222 |
445.280 |
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|
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|
15.151 |
13.357 |
12.070 |
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Other Income |
13.852 |
2.144 |
1.682 |
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TOTAL (A) |
966.066 |
887.723 |
459.032 |
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Less |
EXPENSES |
|
|
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Raw Material Consumed |
637.434 |
567.453 |
320.708 |
|
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Electricity and Fuel |
55.850 |
49.435 |
30.664 |
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Employee Costs |
17.353 |
13.513 |
6.478 |
|
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Operating and other Expenses |
78.839 |
140.297 |
50.277 |
|
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Increase/(Decrease) in Finished Goods |
2.033 |
4.981 |
(16.759) |
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TOTAL (B) |
791.509 |
775.679 |
391.368 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
174.557 |
112.044 |
67.664 |
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Less |
FINANCIAL
EXPENSES (D) |
30.625 |
20.739 |
7.715 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
143.932 |
91.305 |
59.949 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
18.898 |
26.957 |
18.112 |
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PROFIT BEFORE
TAX (E-F) (G) |
125.034 |
64.348 |
41.837 |
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Less |
TAX (H) |
38.906 |
19.227 |
13.235 |
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PROFIT AFTER TAX
(G-H) (I) |
86.128 |
45.121 |
28.602 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
130.842 |
99.697 |
NA |
|
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|
Less: Transfer to Capital Redemption
Reserve on buy-back of shares |
(0.360) |
-- |
NA |
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|
Less: Premium paid for buy-back of shares |
(36.596) |
-- |
NA |
|
|
|
Balance
Available for Appropriation |
180.014 |
144.818 |
NA |
|
|
|
|
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Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend |
9.394 |
7.672 |
NA |
|
|
|
Tax on Dividend |
1.560 |
1.304 |
NA |
|
|
|
Transfer to General Reserve |
9.000 |
5.000 |
NA |
|
|
BALANCE CARRIED
TO THE B/S |
160.060 |
130.842 |
NA |
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
480.234 |
559.059 |
218.713 |
|
|
|
Freight and Insurance Received |
|
8.556 |
2.073 |
|
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TOTAL EARNINGS |
480.234 |
567.615 |
220.786 |
|
|
|
|
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|
|
|
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IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
696.604 |
324.846 |
|
|
|
Capital Goods |
NA |
9.870 |
9.256 |
|
|
TOTAL IMPORTS |
NA |
706.474 |
334.102 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
7334.44 |
2940.41 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
8.92 |
5.08 |
6.23 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
13.34 |
7.38 |
9.40 |
|
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|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
25.91 |
10.81 |
14.15 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Net worth) |
|
0.64 |
0.41 |
0.34 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Net worth) |
|
1.47 |
2.78 |
1.58 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.85 |
2.03 |
4.93 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
Calibre Chemicals Private Limited |
|
Presented By |
Mr. Ranjit
Bhavnani |
|
1) Date and description of instrument creating the change |
Agreement of
Hypothecation of plant and machinery dated 27.12.2005. Letter Dated
27.12.2005 regarding grant of individual limits within overall credit limit |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.50.000
Millions |
|
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 |
First charge on
plant and machinery, whether installed or not, both present and future, at
the borrowers wind farm premises being location Nos. 5 and 6, Survey No. 384,
Village Kunrunga, Taluka Dwarka, District Jamnagar, Gujarat. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
This charge Is
created as security for a team loan of Rs.50.000 Millions granted by SBI
commercial and International Bank limited to the company vide their letter
No. credit/RL/838/2005 dated 17.12.2005. Rate of interest 9% with monthly
rests, Margin 31% |
|
5) Name and Address and description of the person entitled to the charge. |
SBI Commercial
and International Bank Limited, Maker Chambers III, Nariman Point, Mumbai-400
021, |
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6) Date and brief description of instrument modifying the charge |
NA |
|
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 |
|
Corporate identity
number of the company |
U24100MH1983PTC031128 |
|
Name of the
company |
CALIBRE CHEMICALS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
703 Dalamal House,
206 Nariman Point, Mumbai - 400021, Email ID : mail@calibrechem.com |
|
This form is for |
Modification of Charge |
|
Type of charge |
Book Debts Movable Property Floating Charge |
|
Particular of
charge holder |
Citi Bank N. A.,
Trend House, 2nd Floor, G. Block, Plot No. C60, Bandra Kurla
Complex, Bandra (East), Mumbai 400 051, Email ID : vlaxman@vsnl.com |
|
Nature of instrument
creating charge |
Deed of
Hypothecation |
|
Date of
instrument Creating the charge |
19.01.2010 |
|
Amount secured by
the charge |
Rs.156.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest to be
charged at such rates as may be determined by the bank from time to time Terms of
Repayment On Demand Margin Margin may be
stipulated by Bank from time to time Extent and
Operation of the charge Hypothecation of current
assets and fixed assets to Citi Bank more particularly described in column
No. 15 as security by way of first exclusive charge with Citi Bank N. A., as
security for the loan together with all interest, liquidated damages, premia
on payment or on redemption, costs, charges and other expenses payable by
company to Citi Bank N. A. |
|
Particulars of
the present modification |
The charge now
stands increased from Rs.151.200 Millions to Rs.156.000 Millions in favour of
Citi Bank N. A. |
|
Short particular
of the property or asset(s) charged |
Hypothecation of
first exclusive charge on stocks, Book Debts and Plant and Machinery forming
part of the current assets and fixed assets of the company both present and
future. |
TRADE REFERENCES:
Nath Chemicals Limited, Vapi
Contact Person: Mr. Pankaj
Mobile No.: 91-9377028971
Chem Fab Alkalies Limited,
Contact Person: Mr. Raghuraman
Mobile No.: 91-9362772971
Manali Chemicals
Contact Person: Mr. Nilesh Bhutta
Mobile No.: 91-9820137596
Fixed Assets:
- Buildings
- Plant and Machinery
- Wind Mills
- Furniture and Fixtures
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.46.02 |
|
|
1 |
Rs.73.21 |
|
Euro |
1 |
Rs.60.70 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
58 |
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 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.