MIRA
INFORM REPORT
|
Report Date : |
07.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
ALPS CHEMICALS PRIVATE LIMITED |
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Registered
Office : |
612, GIDC Phase IV, Vatva, Ahmedabad-382445, |
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Country : |
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Financials (as
on) : |
31.03.2009 |
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Date of
Incorporation : |
08.10.1995 |
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Com. Reg. No.: |
008160 |
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CIN No.: [Company Identification
No.] |
U24199GJ1985PTC008160 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Dyestuff for Textile, Leather, Paper, Ink
and Plastic. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 600000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct 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) |
|
|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
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 |
LOCATIONS
|
Registered Office : |
612, GIDC Phase IV, Vatva, Ahmedabad-382445, |
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Tel. No.: |
91-79-40235235/25831927/25891441 |
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Fax No.: |
91-79-25891845 |
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E-Mail : |
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Mumbai Office: |
B/3, Brahmakumari CHS Limited, 290, Bhandar Gully, L.J. Road, Mahim
(W), Mumbai-400016, Maharashtra, India |
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Tel No.: |
91-22-24307139 |
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Fax No.: |
91-22-24307817 |
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Email : |
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Website: |
DIRECTORS
As on 30.09.2009
|
Name : |
Ms. Vandana Bhuta |
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Designation : |
Director |
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Address : |
C-901, Shiromani Flats, |
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Name : |
Mr. Haresh Bhuta |
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Designation : |
Director |
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Address : |
C-901, Shiromani Flats, |
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Name : |
Mr. Nikhil Mehta |
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Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2009
|
Names of Shareholders |
|
No. of Shares |
|
Nikhil N. Mehta |
|
31200 |
|
Manjari Mehta |
|
231600 |
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Bharti Mehta |
|
30000 |
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Niranjan Mehta |
|
10500 |
|
Haresh Bhuta |
|
940700 |
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Vandana H. Bhuta |
|
460000 |
|
Chinmay Bhuta |
|
25700 |
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Varun Bhuta |
|
25300 |
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Manjula Mehta |
|
10000 |
|
Suketu Mehta |
|
179000 |
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Jayant Mehta |
|
6000 |
|
Rajiv M. Mehta |
|
695000 |
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Mukul Mehta |
|
75000 |
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Jasmine Mehta |
|
50000 |
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Hollindia International B.V. |
|
138500 |
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|
|
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Total |
|
2908500 |
As on 30.09.2009
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Dyestuff for Textile, Leather, Paper, Ink
and Plastic. |
PRODUCTION STATUS (AS ON 31.03.2009)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
S.O. Dyes and Liquid Dyes |
MT |
4500.00 |
2694263.975 |
GENERAL INFORMATION
|
Bankers : |
Bank of Baroda, Navrangpura Branch, Opposite Old High Court, Off
Ashram Road, Navrangpura, Ahmedabad-380009, Gujarat, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Parikh and Majmudar Chartered Accountant |
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Address : |
204-05-06, Harsh Avenue, Opposite Old High Court, |
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Tel. No.: |
91-79-27540454/27540860 |
CAPITAL STRUCTURE
As on 30.09.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2908500 |
Equity Shares |
Rs.10/- each |
Rs.29.085
Millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
29.085 |
29.085 |
29.085 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
121.692 |
114.522 |
110.710 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
150.777 |
143.607 |
139.795 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
137.720 |
84.045 |
101.211 |
|
|
2] Unsecured Loans |
6.801 |
1.865 |
1.880 |
|
|
TOTAL BORROWING |
144.521 |
85.910 |
103.091 |
|
|
DEFERRED TAX LIABILITIES |
8.508 |
8.027 |
8.382 |
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|
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|
|
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TOTAL |
303.806 |
237.544 |
251.268 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
81.797 |
52.278 |
66.936 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
|
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INVESTMENT |
6.095 |
5.476 |
4.929 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
87.700
|
99.171 |
100.888 |
|
|
Sundry Debtors |
136.209
|
83.408 |
94.577 |
|
|
Cash & Bank Balances |
18.812
|
17.630 |
8.490 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
34.597
|
22.689 |
16.896 |
|
Total
Current Assets |
277.318
|
222.898 |
220.851 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
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Sundry Creditors |
55.853
|
40.547 |
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|
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Other Current Liabilities |
4.151
|
1.493 |
39.023 |
|
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Provisions |
1.400
|
1.068 |
2.425 |
|
Total
Current Liabilities |
61.404
|
43.108 |
41.448 |
|
|
Net Current Assets |
215.914
|
179.790 |
179.403 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
|
|
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TOTAL |
303.806 |
237.544 |
251.268 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SALES |
|
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Income |
392.274 |
240.561 |
236.971 |
|
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Other Income |
2.091 |
7.502 |
NA |
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|
|
TOTAL (A) |
394.365 |
248.063 |
NA |
|
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Less |
EXPENSES |
|
|
|
|
|
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|
Raw material consumed |
260.023 |
178.288 |
|
|
|
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Manufacturing expense |
38.860 |
27.800 |
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|
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Selling and administrative expenses |
37.892 |
27.966 |
NA |
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|
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Directors remuneration |
3.528 |
3.131 |
|
|
|
|
Loss on sale of car |
0.047 |
0.000 |
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|
|
Increase / decrease in stock |
20.329 |
(13.736) |
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|
|
|
TOTAL (B) |
360.679 |
223.449 |
NA |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
33.686 |
24.614 |
NA |
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|
Less |
FINANCIAL
EXPENSES (D) |
18.311 |
11.079 |
NA |
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
15.375 |
13.535 |
18.908 |
|
|
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|
|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
5.832 |
4.641 |
5.252 |
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|
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|
PROFIT BEFORE
TAX (E-F) (G) |
9.543 |
8.894 |
13.656 |
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Less |
TAX (H) |
1.882 |
0.814 |
2.105 |
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|
PROFIT AFTER TAX
(G-H) (I) |
7.661 |
8.080 |
11.551 |
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|
Less |
PRIOR PERIOD
ADJUSTMENT |
0.491 |
0.527 |
NA |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
104.107 |
100.295 |
NA |
|
|
|
|
|
|
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|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend |
0.000 |
3.199 |
NA |
|
|
|
Tax on Dividend |
0.000 |
0.542 |
NA |
|
|
BALANCE CARRIED
TO THE B/S |
111.277 |
104.107 |
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
377.485 |
210.994 |
NA |
|
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|
IMPORTS |
117.008 |
59.059 |
NA |
|
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|
|
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|
|
|
Earnings Per
Share (Rs.) |
2.47 |
2.60 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
1.94
|
3.26 |
NA |
|
|
|
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|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.43
|
3.70 |
5.76 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.66
|
3.23 |
4.75 |
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|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.06 |
0.10 |
|
|
|
|
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
1.37
|
0.90 |
1.03 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.52
|
5.17 |
5.33 |
LOCAL AGENCY FURTHER INFORMATION
Review of
Operations:
In spite of recessionary trend and higher competition in the overall market, your company has achieved turnover of Rs. 392.274 Millions which is 63.06% higher than the turnover of the last year. This is due to capture of additional high seas market by improving the quality of the product.
The Profit Before Taxation is increased from Rs. 8.894 Millions to Rs. 9.821 Millions due to increase in turn over. However the profit before taxation is not increased as much as the turnover due to loss on foreign exchange fluctuation and higher amount of depreciation on account of expansion project completed during the year
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
80005380 |
|
Corporate
identity number of the company |
U24199GJ1985PTC008160 |
|
Name of the
company |
ALPS CHEMICALS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
612, GIDC Phase IV, Vatva, Ahmedabad-382445, |
|
Type of charge |
Book Debts Movable Property
(not being pledge) Other |
|
Particular of
charge holder |
Bank of Baroda, Navrangpura Branch, Opposite Old High Court, Off
Ashram Road, Navrangpura, Ahmedabad-380009, Gujarat, India |
|
Email |
|
|
Nature of description
of the instrument creating or modifying the charge |
Supplemental
Composite agreement of Hypothecation of Goods, Book Debts, Movable Machinery
and Vehicles dated 04.08.2008 for Rs. 259.000 Millions |
|
Date of
instrument Creating the charge |
04.08.2008 |
|
Amount secured by
the charge |
Rs.259.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest FBP / FBD - BPLR Minus 4.50%
(Up to 31.03.2009) -
BPLR Minus 3.25% (From 01.04.2009) (Sub-Limit- EPC/
PCFC) - as above (Sub-Limit-
CC) - BPLR Plus 0.75% CORPORATE
LOAN - BPLR Plus 0.75% TERM LOAN
(Existing) - BPLR Plus 0.75% TERM
LOAN-NEW - BPLR Plus 0.75% Terms of
Repayment Term Loan
(Existing) : By 48 Equal Monthly Installments Term Loan-New: By
60 Equal Monthly Installments Corporate Loan:
By 36 Equal Monthly Installments. Packing Credit : 180
Days from the date of availment FBP : On demand /
180 days usance Cash Credit :
Payable on Demand Margin Term
Loan-(Existing) - 43.43% Term Loan
(New) - 27.14% Corporate
Loan - Nil Packing Credit
& Cash Credit- Raw Material - 25% Stock in Process - 35% Finished Goods - 30% Book Debts (Dom.) -
50% FBP/FBD : Nil Extent and
Operation of the charge Total Credit
Facilities of Rs. 259.000 Millions
together with interest, additional interest, further interest by way
of liquidated damages, compound interest, Commitment Charges, Commission,
Premia on Pre-Payment, Cost, Charges, Expenses and other money payable by the
borrower to the bank secured with supplemental composite agreement of
hypothecation of Goods, Book Debts, Movable Machinery and Vehicles dated
04.08.2008 |
|
Short particulars
of the property charged |
The Whole of the borrowers'
movable properties both present and future, including stock of raw material,
Work in progress, Finished Goods, Book Debts, Plant & Machinery with
spares and tools, Vehicle relating to borrowers' works situated at Plot No.
612, Phase IV, GIDC Vatwa, Ahmedabad-382445. |
|
Date of latest
modification prior to the present modification |
02.05.2007 |
|
Particulars of
the present modification |
By Composite
Agreement of Hypothecation of Goods, Book-Debts, Movable Machinery &
Vehicles dated 4th August, 2008, the aggregate credit facilities have been
increased to Rs. 259.000 Millions. |
Fixed Assets:
- Land
- Plant and
Machinery
- Pollution
Control Pond
- Laboratory
Equipment
- Computer
- Office
Equipment
- Furniture
- Dead Stock
- Electric
installation
- Air
Conditioner
- Scooter
- Motor Car
- Tube Well
- Water Cooler
- Software
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.44.20 |
|
|
1 |
Rs.72.25 |
|
Euro |
1 |
Rs.63.09 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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
|
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.