MIRA
INFORM REPORT
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Report Date : |
05.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
CHARGEWAVE ENERGYKEM PRIVATE LIMITED |
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Formerly Known
As : |
THEJASWINI ENERGY CHEMICALS PRIVATE LIMITED [w.e.f. 11.12.2002] ALLEN ENERGY CHEMICALS PRIVATE LIMITED |
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Registered
Office : |
9-1-7/83-84, 2nd Floor, Deepthi Apartments, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
07.05.1999 |
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Com. Reg. No.: |
01-031650 |
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Capital
Investment / Paid-up Capital : |
Rs.8.915 Millions |
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CIN No.: [Company Identification
No.] |
U24110AP1999PTC031650 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
HYDT01076F |
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PAN No.: [Permanent Account No.] |
AACCA9265E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Chemical. |
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No. of Employees
: |
34 [In Office + In Factory] Approximately |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba [45] |
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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 |
|
USD 166000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Subject is an
established company having satisfactory track. Trade relations are reported
as fair. Business is active. Payments are reported to be usually correct. 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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. Anand |
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Designation : |
Director |
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Contact No.: |
91-40-27713724 |
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Date : |
26.11.2011 |
LOCATIONS
|
Registered Office : |
9-1-7/83-84, 2nd Floor, Deepthi Apartments, |
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Tel. No.: |
91-40-27713724 |
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Fax No.: |
91-40-27713725 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory : |
IDA Medchal, Ranga Reddy District, |
DIRECTORS
As on 05.08.2011
|
Name : |
Mrs. Pallipalem Lalitha |
|
Designation : |
Managing Director |
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Address : |
8-1-8/1A, Plot NO.17, Behind Ice factiory, Old Bowenpally,
Secunderabad – 500011, Andhra Pradesh, India |
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Date of Birth/Age : |
15.01.1971 |
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Date of Appointment : |
07.05.1999 |
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DIN : |
00137976 |
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Name : |
Mr. Anand Prakash Pallepalem |
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Designation : |
Director |
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Address : |
Flat No.A-2/7, 111, Chandralok Housing Society, Near Chandralok
Complex, S D Road, Secunderabad – 500003, Andhra Pradesh, India |
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Date of Birth/Age : |
31.07.1968 |
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Date of Appointment : |
15.04.2004 |
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DIN : |
01670549 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 05.08.2011
|
Names of Shareholders |
|
No. of Shares |
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Pallipalem Lalitha |
|
44125 |
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Anand Prakash Pallepalem |
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15500 |
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A. Balaram Murthy |
|
520 |
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P. Nagaraj |
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220 |
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P. Devasena |
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10 |
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A. Vishnu Murthy |
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1957 |
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P. Lalitha [Partner of Energy Chenicals and Technology] |
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14168 |
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Koteshwari Devi |
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2400 |
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P. Seshagiri Rao |
|
2800 |
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V. Sriniwas |
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450 |
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P. Ravi Chandran |
|
1100 |
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P Sarada Devi |
|
2250 |
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B Padmavathi |
|
1500 |
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I Yagnasree |
|
1200 |
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P |
|
950 |
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Total |
|
89150 |
As on 05.08.2011
|
Equity Share
Break Up Category |
Percentage |
|
Directors or relatives of Directors |
69.92 |
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Other top fifty shareholders |
30.08 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Chemical. |
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Products : |
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Exports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
Cash / Credit |
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Purchasing : |
Cash / Credit |
PRODUCTION STATUS [As on 31.03.2011]
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Particulars |
Unit |
Qty. |
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Installed
Capacity |
Kgs. |
1000000 |
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Particulars |
Unit |
Actual
Production |
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Chemicals and Its Ingredients |
Kgs. |
291667.4 |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Retailers and End Users
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No. of Employees : |
34 [In Office + In Factory] Approximately |
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Bankers : |
Syndicate Bank, A.F.S. Begumpet Branch, Opposite Airforce Station,
Bowenpally Post, Secunderabad – 500011, Andhra Pradesh, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
V. S. Reddy Associates Chartered Accountants |
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Address : |
305, Srinilaya Estate, III Floor, Ameerpet, |
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Tel. No.: |
91-40-23747572 / 23740280 |
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PAN : |
AAFFV0691R |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
200,000 |
Equity Shares |
Rs.100/- each |
Rs.20.000
millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
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|
89,150 |
Equity Shares |
Rs.100/- each |
Rs.8.915
millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
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|
|
|
|
1] Share Capital |
8.915 |
8.915 |
8.915 |
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2] Share Application Money |
13.375 |
13.375 |
10.675 |
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3] Reserves & Surplus |
19.282 |
17.705 |
13.740 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
41.572 |
39.995 |
33.330 |
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LOAN FUNDS |
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1] Secured Loans |
7.935 |
9.761 |
14.428 |
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2] Unsecured Loans |
0.463 |
0.463 |
0.563 |
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TOTAL BORROWING |
8.398 |
10.224 |
14.991 |
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DEFERRED TAX LIABILITIES |
1.920 |
1.572 |
1.066 |
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TOTAL |
51.890 |
51.791 |
49.387 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
28.237 |
29.869 |
31.585 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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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 |
13.408
|
9.678 |
10.561 |
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Sundry Debtors |
16.346
|
21.247 |
13.746 |
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Cash & Bank Balances |
0.645
|
0.551 |
0.792 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
0.815
|
1.363 |
2.065 |
|
Total
Current Assets |
31.214
|
32.839 |
27.164 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Sundry Creditors |
6.951
|
9.441 |
8.056 |
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Other Current Liabilities |
0.106
|
0.000 |
0.000 |
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Provisions |
0.504
|
1.476 |
1.332 |
|
Total
Current Liabilities |
7.561
|
10.917 |
9.388 |
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Net Current Assets |
23.653
|
21.922 |
17.776 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.026 |
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TOTAL |
51.890 |
51.791 |
49.387 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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|
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|
Income |
28.268 |
41.441 |
38.556 |
|
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Other Income |
0.325 |
0.089 |
0.479 |
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TOTAL |
28.593 |
41.530 |
39.035 |
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Less |
EXPENSES |
|
|
|
|
|
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|
Cost of raw Material Consumed |
16.236 |
22.995 |
21.491 |
|
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Salaries, Wages and Other Benefits to Employees |
5.284 |
4.428 |
7.249 |
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|
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Manufacturing, Administrative, and Selling Expenses |
5.368 |
4.691 |
5.795 |
|
|
|
Preliminary Expenses Written off |
0.000 |
0.026 |
0.036 |
|
|
|
Increase / [Decrease] in Stocks |
[2.360] |
1.763 |
[1.591] |
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|
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TOTAL |
24.528 |
33.903 |
32.980 |
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PROFIT/[LOSS]
BEFORE TAX, DEPRECIATION AND AMORTISATION |
4.065 |
7.627 |
6.055 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
1.760 |
1.756 |
1.752 |
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PROFIT / [LOSS]
BEFORE TAX |
2.305 |
5.871 |
4.303 |
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Less |
TAX |
0.728 |
1.906 |
1.494 |
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PROFIT / [LOSS]
AFTER TAX |
1.577 |
3.965 |
2.809 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
17.705 |
13.740 |
10.931 |
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|
BALANCE CARRIED
TO THE B/S |
19.282 |
17.705 |
13.740 |
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EARNINGS IN
FOREIGN CURRENCY |
NA |
0.506 |
NA |
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|
Earnings/[Loss] Per
Share (Rs.) |
17.69 |
44.47 |
31.51 |
|
Expected Sales (2011-2012) : Rs.60.000 millions
The above information has been parted by Mr. Anand [Director].
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
5.51
|
9.55 |
7.20 |
|
|
|
|
|
|
|
(PBT/Sales) |
(%) |
8.15
|
14.17 |
11.16 |
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.88
|
9.36 |
7.32 |
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.15 |
0.13 |
|
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
0.38
|
0.53 |
0.73 |
|
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|
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|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.13
|
3.01 |
2.89 |
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Construction
of the firm |
Yes |
|
Premises
details |
Yes |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
- |
|
No.
of Employees |
Yes |
|
Name
of Person Contacted |
Yes |
|
Designation
of contact person |
Yes |
|
Turnover
of firm for last two years |
Yes |
|
Profitability
for last three years |
- |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
Yes |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
- |
|
Major
Suppliers |
Yes |
|
Major
Customers |
Yes |
|
Payment
Terms |
Yes |
|
Export
/ Import Details [If Applicable] |
Yes |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
Yes |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
No |
|
Incorporation
details, if applicable |
- |
|
Last
accounts filed at ROC |
- |
|
Major
Shareholders, if applicable |
- |
Review of Operations : during the year the company has achieved a turnover of Rs. 28.300 millions and made good profit of Rs.2.305 millions. And their directorsa are confident of achieveing good turnover and high profits in the years to come.
Note : Registered office
address of the company has been shifted from 8-5-262, 2nd Floor,
Syndicate Bank, Old Bowenpally, Secunderabad - 500011, Andhra Pradesh, India to
the present address w.e.f. 15.12.2005
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U24110AP1999PTC031650 |
|
Name of the
company |
CHARGEWAVE ENERGYKEM
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
9-1-7/83-84, 2nd Floordeepthi Apartments, |
|
This form is for |
Modification of
charge |
|
Charge
identification (ID) number of the charge to be modified |
10022387 |
|
Type of charge |
Book Debts Movable Property Others |
|
Particular of
charge holder |
Syndicate Bank, A.F.S. Begumpet Branch, Opposite Airforce Station,
Bowenpally Post, Secunderabad – 500011, Andhra Pradesh, India |
|
Nature of instrument
creating charge |
1) Renewal Letter
for all facilities 2) Copy of
Sanction Letter |
|
Date of
instrument Creating the charge |
25.10.2010 |
|
Amount secured by
the charge |
Rs.21.000
millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest
- 1) Rate of interest on SOD Limit of Rs.7.000 millions at BR +3.75% i.e at
present 12.25% p.a 2) No change in the
interest rate of existing Term Loan Limit of Rs.14.000 millions Terms of
Repayment - 1) The working capital limit is repayable on demand and the limit
is valid up to 30.09.2011. 2) no change in
the existing repayment schedule of the term loan limit Margin - No
change in the existing margins Extent and Operation
of the charge - The charge operates as a first charge on the stock,
receivables, plant and machinery and immovable property of the company until
the repayment of the entire credit facilities sanctioned by the bank. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Hypothecation of
Stock, Receivables, Plant and Machinery and existing charge on immovable
property of the company will continue. |
|
Particulars of
the present modification |
No change in the
existing limits of Rs.21.000 millions. The company executed renewal document
for the SOD Limit of Rs.7.000 millions and no change in the existing term
loan limit of Rs.14.000 millions. The limits secured by stocks, receivables
and other current assets and plant and machinery and existing mortgage on
immovable property of the company. |
TRADE REFERENCES :
- Dr. Reddy Laboratory
- Coal Activiser
FIXED ASSETS :
- Land
- Building
- Plant and
Machinery
- Furniture and
Fixtures
- Computer
- Office
Equipments
- Vehicles
- Air Conditioner
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.51.35 |
|
|
1 |
Rs.80.50 |
|
Euro |
1 |
Rs.69.13 |
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.