MIRA INFORM REPORT
|
Report Date : |
08.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
ACETO CHEM PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No.: 90/A, GIDC Pandesara, Opposite. Fire Station, Surat –
394221, Gujarat |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
17.12.1993 |
|
|
|
|
Com. Reg. No.: |
04-020883 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.5.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24110GJ1993PTC02883 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and exporter of Dyes Intermediates for food Color and
Textile |
|
|
|
|
No. of Employees
: |
50 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 100000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an establishment 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 dealing 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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Jacob T |
|
Designation : |
Accountant |
|
Contact No.: |
91-261-2890998 |
|
Date : |
05.08.2011 |
LOCATIONS
|
Registered Office / Factory : |
Plot No.: 90/A, GIDC Pandesara, Opposite. Fire Station, |
|
Tel. No.: |
91-2612890998 / 2890988 |
|
Mobile No.: |
91-9825126143 ( Mr. Bansi Patel) / 91-9825089333 (Mr. Kaushal Vansia) |
|
Fax No.: |
91-261-2892345 |
|
E-Mail : |
info@acetochemindia.com /
account@acetochemindia.com / nidesai22@yahoo.co.in / acetochem@hotmail.com
|
|
Website : |
|
|
Area : |
2484 Sq. Mt. |
|
Location : |
Owned |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Jitendrasinh Pratapsinh Parmar |
|
Designation : |
Director |
|
Address : |
101, Ornate Palace, Opposite Surat Dist. Co. Op Bank, Ghod dod Road, |
|
Date of Birth/Age : |
01.01.1944 |
|
Date of Appointment : |
17.12.1993 |
|
DIN No.: |
01745687 |
|
|
|
|
Name : |
Mr. Bansilal Durlabhbhai Patel |
|
Designation : |
Director |
|
Address : |
Soham Patel Falia, A/P Bhestan, |
|
Date of Birth/Age : |
11.04.1951 |
|
Date of Appointment : |
17.12.1993 |
|
DIN No.: |
00721276 |
KEY EXECUTIVES
|
Name : |
Mr. Jacob T |
|
Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Bansilal D. Patel |
|
63800 |
|
Bansilal D. Patel (HUF) |
|
47942 |
|
Geeta B. Patel |
|
25300 |
|
Jitendra P. Parmar |
|
61490 |
|
Jitendra P. Parmar (HUF) |
|
49800 |
|
Kaushal J. Vansia |
|
70710 |
|
Subhash C. Patel |
|
11300 |
|
Suhas B. Patel |
|
68838 |
|
Manish J. Parmar |
|
22760 |
|
Nimisha S. Patel |
|
24400 |
|
Panna S. Patel |
|
8300 |
|
Priti K. Vansia |
|
22600 |
|
Niruben J Parmar |
|
22610 |
|
Archana D. Thakore |
|
10 |
|
Amit R. Vansia |
|
10 |
|
Alpa A. Vansia |
|
10 |
|
Chandubhai Patel |
|
10 |
|
Vanitaben C. Patel |
|
110 |
|
|
|
|
|
Total |
|
500000 |
As on 30.09.2010
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and exporter of Dyes Intermediates for food Color and
Textile |
|
|
|
|
Products : |
|
|
|
|
|
Exports : |
|
|
Products : |
Dyes Intermediates |
|
Countries : |
|
|
|
|
|
Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
L/C, Cash and Credit |
|
|
|
|
Purchasing : |
L/C, Cash and Credit |
PRODUCTION STATUS As on
31.03.2010
|
Particulars |
|
|
Unit |
Actual
Production |
|
Variable Chemicals |
|
|
Kgs |
684519.357 (Kgs) |
GENERAL INFORMATION
|
Customers : |
End Users |
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
50 (Approximately) |
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking Relations
: |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Nilkanth Desai And Associates Chartered Accountant |
|
Address : |
B-507, |
|
Tel. No.: |
91-261-2474988 / 91-261-3013012 |
|
PAN.: |
ACBPD2686G |
|
|
|
|
Membership : |
CHEMEXCIL, Gujarat Environment Proection and infrastructure Limited
(GEPIL) |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
5.000 |
1.947 |
1.947 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
21.128 |
15.753 |
11.374 |
|
|
4] (Accumulated Losses) |
(0.000) |
(0.000) |
(0.000) |
|
|
NETWORTH |
26.128 |
17.700 |
13.321 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
35.944 |
33.773 |
12.666 |
|
|
2] Unsecured Loans |
20.005 |
16.550 |
15.595 |
|
|
TOTAL BORROWING |
55.949 |
50.323 |
28.261 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
82.077 |
68.023 |
41.582 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
45.074 |
44.986 |
26.286 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
1.255 |
1.197 |
0.927 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
34.796
|
29.272 |
12.323 |
|
|
Sundry Debtors |
19.522
|
11.249 |
14.236 |
|
|
Cash & Bank Balances |
0.861
|
2.509 |
0.425 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
5.643
|
6.178 |
3.649 |
|
Total
Current Assets |
60.822
|
49.208 |
30.633 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
23.471
|
25.642 |
15.070 |
|
|
Other Current Liabilities |
0.000
|
0.000 |
0.000 |
|
|
Provisions |
1.603
|
1.726 |
1.194 |
|
Total
Current Liabilities |
25.074
|
27.368 |
16.264 |
|
|
Net Current Assets |
35.748
|
21.840 |
14.369 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
82.077 |
68.023 |
41.582 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
|
|
|
|
|
Turnover |
149.415 |
143.943 |
105.658 |
|
|
|
|
|
|
|
|
|
EXPENSES |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
14.154 |
13.095 |
8.349 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
6.368 |
6.896 |
4.874 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
7.786 |
6.199 |
3.475 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
2.411 |
1.821 |
1.340 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
5.375 |
4.378 |
2.135 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
15.484 |
11.105 |
8.970 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
20.859 |
15.484 |
11.105 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
10.75 |
8.756 |
4.27 |
|
Expected Sales (2010-2011) : Rs.211.100 Millions
The above information has been parted by Mr. Jacob T.
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.60
|
3.04 |
2.02 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.21
|
4.30 |
3.29 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.63
|
9.28 |
8.55 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.30
|
0.35 |
0.26 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.96
|
1.55 |
1.22 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.43
|
1.80 |
1.88 |
LOCAL AGENCY FURTHER INFORMATION
Operations :
Turnover of the company was increased from Rs.143.943 Millions to
Rs.149.415 Millions. The profit before depreciation an tax is Rs.14.154
Millions was increased as compare to previous year profit of Rs.13.095
Millions.
Form 8
|
Corporate identity
number of the company |
U24110GJ1993PTC020883 |
|
Name of the
company |
Aceto Chem
Private Limited |
|
Address of the
registered office or of the principal place of business in |
90/A, GIDC,
Pandesara, |
|
This form is for |
Modification
of charge |
|
Charge
identification (ID) number of the charge to be modified |
10198146 |
|
Type of charge |
Immovable property |
|
Particular of
charge holder |
Bank of Pandesara
Industrial Estate, Near, Fire Station, Pandesara, |
|
Nature of
instrument creating charge |
Instrument of
extension relating to deposit of title deeds |
|
Date of
instrument Creating the charge |
11.07.2011 |
|
Amount secured by
the charge |
Rs.72.108
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest For Cash Credit
4.25 % Above Base Rate i.e. 14.25% p.a. For Term
Loan 5.00% Above Base Rate i.e.
15.00% p.a. Terms of
Repayment Term Loan for
period of 12Months Subject to annual review. / Repayable on demand
Margin For cash Credit
25% against Stock and 40% against Book Debts Extent and
operation of the charge The charge to
secure Credit facilities granted to the company by the bank |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Plot No. 90A
consisting of land adm. 2484 Sq. Mtrs and construction of factory made thereon land bearing survey
no.40/P and 47/P of Village. Pandesara District Plot No. 157/3
consisting of land adm. 1086.14 Sq. Mtrs and construction of factory made thereon land bearing survey
no.48/P and 47/P of Village. Pandesara District |
|
Date of
instrument modifying the charge |
04.05.2007 |
|
Particulars of
the present modification |
The amount of
charge increased to Rs.72.108 Millions on account of part repayment of term
loans and increase of cash credit limit and inland/Import L/C facility. |
Fixed Assets
- Land
- Land – II
- G.I.D.C. Quarters Safety
- Equipments
- Office
- Structure and Foundation
- Furniture
- Vehicles
- Plant and Machinery
- Pipeline and Fittings
- Lab. Equipments
- Gas Generator
- Computer and fax Tele. Systems and Erox Machine
- Diesel Generator
- Gas Connection and Fittings
- Air Conditioner and Frize
- Transformers 250KVA
- Weighing Machine
- Water Meter
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.44.96 |
|
|
1 |
Rs.73.94 |
|
Euro |
1 |
Rs.64.56 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
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 |
|
45 |
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.