MIRA INFORM REPORT
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Report Date : |
20.04.2011 |
IDENTIFICATION DETAILS
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Name : |
CHEM-PROCESS SYSTEMS PRIVATE LIMITED |
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Registered
Office : |
15 Natraj Industrial Estate, Vasna-Iyava, Sanand, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
12.05.2000 |
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Com. Reg. No.: |
037990 |
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CIN No.: [Company Identification
No.] |
U29230GJ2000PTC037990 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
AHMC00660C |
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PAN No.: [Permanent Account No.] |
AABCC5915A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Designs and Manufacturer of pressure vessel, heat exchanger, surface condensers,
steam jet ejectors and vacuum systems, multiple effect evaporation plant,
crystallizers, salt recovery plants, etc. based on vacuum evaporation,
crystallization and heat transfer technologies. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
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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 421000 |
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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 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) |
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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 |
LOCATIONS
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Registered Office : |
15 Natraj Industrial Estate, |
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Tel. No.: |
91-952717-284194, 284148 – 49 |
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Fax No.: |
91-952717 – 284194 |
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E-Mail : |
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Website : |
DIRECTORS
AS ON 30.09.2010
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Name : |
Mr. Jayesh Indravadan Parikh |
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Designation : |
Director |
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Date of Birth/Age : |
08.01.1962 |
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Date of Appointment : |
12.05.2000 |
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Name : |
Mr. Pradipkumar D Ravtani |
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Designation : |
Director |
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Date of Birth/Age : |
21.05.1962 |
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Date of Appointment : |
12.05.2000 |
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Name : |
Mr. Jitendrabhai I Parikh |
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Designation : |
Director |
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Date of Birth/Age : |
25.04.1967 |
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Date of Appointment : |
12.05.2000 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
No. of Shares |
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Mr. Jayesh Indravadan Parikh |
457070 |
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Mr. Pradipkumar D Ravtani |
457072 |
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Mr. Jitendrabhai I Parikh |
76 |
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Mr. Vijaybhai Parikh |
228514 |
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Total |
1142732 |
AS ON 30.09.2010
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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80.00 |
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Other top fifty shareholders |
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20.00 |
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Total
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Designs and Manufacturer of pressure vessel, heat exchanger, surface
condensers, steam jet ejectors and vacuum systems, multiple effect evaporation
plant, crystallizers, salt recovery plants, etc. based on vacuum evaporation,
crystallization and heat transfer technologies. |
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Products : |
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GENERAL INFORMATION
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Pandya and Mehta Chartered Accountant |
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Address : |
101-102, Shagun Complex, B 93, Swastik Society, C G Road, Navrangpura,
Ahmedabad 380009, Gujarat, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
AS ON 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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1250000 |
Equity Shares |
Rs. 10 each |
Rs.12.500 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1142732 |
Equity Shares |
Rs. 10 each |
Rs.11.427 millions |
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Of the above shares:
- 71400 Equity Shares of Rs.10 each has been allotted at a premium of
Rs. 130
- 939762 equity shares of Rs. 10each are allotted as bonus shares by
capitalization of general reserve.
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 |
11.427 |
11.427 |
11.427 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
93.825 |
74.740 |
55.617 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
105.252 |
86.167 |
67.044 |
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LOAN FUNDS |
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1] Secured Loans |
10.100 |
6.560 |
9.983 |
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2] Unsecured Loans |
1.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
11.100 |
6.560 |
9.983 |
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DEFERRED TAX LIABILITIES |
6.926 |
6.132 |
4.195 |
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TOTAL |
123.278 |
98.859 |
81.222 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
81.166 |
71.093 |
70.689 |
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Capital work-in-progress |
4.390 |
2.517 |
1.171 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
36.549
|
15.002 |
21.884 |
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Sundry Debtors |
91.930
|
98.785 |
95.598 |
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Cash & Bank Balances |
28.934
|
32.602 |
19.123 |
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Other Current Assets |
0.581
|
0.158 |
37.814 |
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Loans & Advances |
57.111
|
54.717 |
2.239 |
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Total
Current Assets |
215.105
|
201.264 |
176.658 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
100.430
|
96.917 |
89.137 |
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Other Current Liabilities |
35.487
|
31.698 |
32.657 |
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Provisions |
41.466
|
47.461 |
45.604 |
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Total
Current Liabilities |
177.383
|
176.076 |
167.398 |
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Net Current Assets |
37.722
|
25.188 |
9.260 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.061 |
0.102 |
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TOTAL |
123.278 |
98.859 |
81.222 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Sales |
302.063 |
361.680 |
417.601 |
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Other Income |
7.662 |
9.730 |
8.866 |
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TOTAL (A) |
309.725 |
371.410 |
426.467 |
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Less |
EXPENSES |
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Cost of Materials |
161.829 |
218.573 |
243.138 |
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Manufacturing Expenses |
61.903 |
61.850 |
64.419 |
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Employees Remuneration |
24.040 |
20.692 |
14.918 |
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Selling and Distribution Expenses |
19.690 |
20.693 |
39.348 |
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Office Expenses |
0.059 |
0.041 |
0.041 |
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Administrative Expenses |
5.222 |
4.441 |
6.314 |
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TOTAL (B) |
272.743 |
326.290 |
368.178 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
36.982 |
45.120 |
58.289 |
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Less |
FINANCIAL
EXPENSES (D) |
2.792 |
2.620 |
1.625 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
34.190 |
42.500 |
56.664 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
4.278 |
3.651 |
3.211 |
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Add |
Prior Period
Adjustment |
0.040 |
0.868 |
0.000 |
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PROFIT BEFORE
TAX (E-F) (G) |
29.872 |
37.981 |
53.453 |
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Less |
TAX (H) |
7.445 |
15.516 |
19.030 |
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PROFIT AFTER TAX
(G-H) (I) |
22.427 |
22.465 |
34.423 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
55.625 |
38.749 |
17.795 |
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Less |
APPROPRIATIONS |
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Transfer to General Reserve |
2.242 |
2.246 |
3.442 |
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Interim Dividend |
2.856 |
0.000 |
0.000 |
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Tax on Interim Dividend |
0.485 |
0.000 |
0.000 |
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Dividend |
0.000 |
2.856 |
8.570 |
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Tax on Dividend |
|
0.487 |
1.457 |
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BALANCE CARRIED
TO THE B/S |
72.469 |
55.625 |
38.749 |
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Earnings Per
Share (Rs.) |
19.63 |
19.66 |
30.12 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
7.24
|
6.04 |
8.07 |
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Net Profit Margin (PBT/Sales) |
(%) |
9.88
|
10.50 |
12.80 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
10.08
|
13.94 |
21.61 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.28
|
0.44 |
0.79 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.85
|
2.19 |
2.70 |
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Current Ratio (Current Asset/Current Liability) |
|
1.21
|
1.14 |
1.05 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIALS
PERFORMANCE:
The year under consideration witnessed a fall in sales and other income
to the tune of Rs. 61.600 millions as compared to previous accounting year.
However, the profit after taxation in 2009-10 was slightly reduced as compared
to 2008-2009 i.e. by Rs. 0.038 million.
The margins were impacted due to in Employee cost financial charges
which were inevitable.
However, the directors are confident that the working of the company
would continue to improve in the years to come.
FIXED ASSETS:
- Land
- Flat
- Office
Premises
- Electric
Installation
- Plant and
Machinery
- Laboratory
Equipments
- Furniture and
Fixtures
- Vehicles
- Computers
- Office
Equipments
- Air
Conditioner
FORM 8
|
Corporate
identity number of the company |
U29230GJ2000PTC037990 |
|
Name of the
company |
CHEM-PROCESS SYSTEMS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
15 Natraj Industrial Estate, Vasna-Iyava, Sanand, |
|
This form is for |
Creation of
charge |
|
Type of charge |
Movable property
(not being pledge) |
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Particular of
charge holder |
Yes Bank Limited, 9th Floor, Nehru Centre, Discovery of India,
Dr. Annie Besant Road, Worli, Mumbai 400018, Maharashtra, India Email: dlbbcadmum@YESBANK.IN |
|
Nature of
instrument creating charge |
Deed Of
Hypothication |
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Date of
instrument Creating the charge |
21.03.2011 |
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Amount secured by
the charge |
Rs. 7.500
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Rate as
communicated by bank from time to time. Terms of repayment Unless demanded earlier,
at the end of facility tenor. Margin Margin as
communicated by bank from time to time. Extent and operation of the charge First and
Exclusive charge on Current Assets and Movable property hypothecated of the
company both present and future. |
|
Short particulars
of the property charged (Including location of the property) |
The whole of
current assets and movable property of the company both present and future. |
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.44.68 |
|
|
1 |
Rs.72.56 |
|
Euro |
1 |
Rs.63.53 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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.