MIRA
INFORM REPORT
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Report Date : |
26.02.2011 |
IDENTIFICATION DETAILS
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Name : |
A L A CHEMICALS PRIVATE LIMITED |
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Registered
Office : |
C-5, Chemical Zone, M.I.D.C, |
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Country : |
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Financials (as
on) : |
31.03.2009 |
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Date of
Incorporation : |
20.09.1966 |
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Com. Reg. No.: |
11-13577 |
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CIN No.: [Company Identification
No.] |
U24110MH1966PTC013577 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA25629C |
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PAN No.: [Permanent Account No.] |
AAACA3957H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of PVC Additives. |
RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 94400 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be under severe pressure. There appears huge accumulated
losses recorded by the company. Trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can
be considered for business dealings with some caution. |
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
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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
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Name : |
Mr. Sanjay |
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Designation : |
Accounts Executive |
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Contact No.: |
91-22-66045252 |
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Date : |
25.02.2011 |
LOCATIONS
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Registered Office/ Factory : |
C-5, Chemical Zone, M.I.D.C, |
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E-Mail : |
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Website : |
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Area : |
3000 sq.ft. |
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Location : |
Owned |
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Corporate Office : |
3rd Floor, 22 Mahalaxmi Chamber, |
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Tel. No.: |
91-22-66045202/ 66045252 |
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Fax No.: |
91-22-66045200 |
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E-Mail : |
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Branches : |
Located at: ·
Kolkata ·
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Head Office : |
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Tel. No.: |
91-22-66045252 |
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Fax No.: |
91-22-66045200 |
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DIRECTORS
As on 30.09.2009
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Name : |
Mr. Anil S Anand |
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Designation : |
Director |
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Address : |
Vikas Park, Bunglow No. 2, Jalpankhi Society, Juhu Tara Road, Juhu,
Mumbai-400026, Maharashtra, India |
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Date of Birth/Age : |
20.03.1951 |
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Date of Appointment : |
01.11.1981 |
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Name : |
Mrs. Neela S Anand |
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Designation : |
Director |
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Address : |
Vikas Park, Bunglow No. 2, Jalpankhi Society, Juhu Tara Road, Juhu,
Mumbai-400026, Maharashtra, India |
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Date of Birth/Age : |
25.09.1929 |
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Date of Appointment : |
15.04.2003 |
KEY EXECUTIVES
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Name : |
Mr. Sanjay |
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Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2009
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Names of Shareholders |
No. of Equity Shares |
3% Cumulative
Redeemable Preference Shares |
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Anil Anand |
2139000 |
185000 |
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Neela S Anand |
12040 |
20000 |
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Anchem Inc, U.S.A |
68600 |
-- |
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S C A Private Limited, |
133460 |
-- |
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Shakil Trading Private Limited, |
1000 |
-- |
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Pratyankar Trading Private Limited, |
1000 |
-- |
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Meera Anand |
280000 |
45000 |
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Total |
2635100 |
250000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2009
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Category |
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Percentage of
Holding |
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Foreign holdings (Foreign institutional investor(s), Foreign
companie(s) Foreign financial institution(s), Non-resident Indian(s)l or
overseas corporate bodies or others) |
|
2.60 |
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Bodies corporate (not mentioned above) |
|
5.14 |
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Directors or relatives of directors |
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92.26 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of PVC Additives. |
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Products : |
Polymer Additives |
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Agencies Held : |
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Exports : |
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Products : |
PVC Additives |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash and Credit ( 30 / 60 / 90 days) |
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Purchasing : |
L/C, Cash and Credit (30 / 60 / 90 days) |
PRODUCTION STATUS
As on 31.03.2009
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Particulars |
Units |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Polyester/ Polymer Additives and Stabilizers |
(M.T.) |
4000 |
4000 |
3316 |
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Leather Auxillaries |
(M.T.) |
1000 |
1000 |
Nil |
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Masterbatches and Compounds |
(M.T.) |
3000 |
3000 |
Nil |
Note:
Installed capacity is based on maximum utilization
of capacity as certified by the management on which the auditors have placed
reliance, without verification, this being a technical matter.
Actual Production includes quantities produced
for captive consumption.
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
225 (Approximately) |
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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 : |
Sunil Singh Associates Chartered Accountant |
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Address : |
30, Patrakar, |
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Tel. No.: |
91-22-30952277/ 26591305 |
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CAPITAL STRUCTURE
As on 31.03.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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2650000 |
Equity Shares |
Rs. 10/- each |
Rs. 26.500 Millions |
|
285000 |
3% Cumulative Redeemable Preference Shares |
Rs. 100/- each |
Rs. 28.500 Millions |
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Total |
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Rs.55.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
2635100 |
Equity Shares |
Rs. 10/-
each |
Rs.26.351
Millions |
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Of the
above:
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250000 |
4% cumulative Redeemable Preference Shares |
Rs. 100/-
each |
Rs.25.000
Millions |
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Total |
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Rs.51.351 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
51.351 |
51.351 |
46.351 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
20.463 |
20.463 |
20.463 |
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4] (Accumulated Losses) |
(48.226) |
(47.357) |
(57.063) |
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NETWORTH |
23.588 |
24.457 |
9.751 |
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LOAN FUNDS |
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1] Secured Loans |
46.842 |
33.862 |
43.831 |
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2] Unsecured Loans |
72.498 |
70.442 |
48.315 |
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TOTAL BORROWING |
119.340 |
104.304 |
92.146 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
142.928 |
128.761 |
101.897 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
53.173 |
50.115 |
45.757 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.100 |
0.100 |
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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 |
51.771
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56.387
|
44.531 |
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Sundry Debtors |
67.897
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59.540
|
38.298 |
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Cash & Bank Balances |
11.442
|
15.026
|
11.517 |
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Other Current Assets |
1.542
|
1.355
|
0.698 |
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Loans & Advances |
45.675
|
44.766
|
43.623 |
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Total
Current Assets |
178.327
|
177.074
|
138.667 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
53.530 |
69.190
|
57.856 |
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Other Current Liabilities |
20.570
|
17.323
|
13.631 |
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Provisions |
14.472
|
12.015
|
11.140 |
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Total
Current Liabilities |
88.572
|
98.528
|
82.627 |
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Net Current Assets |
89.755
|
78.546
|
56.040 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
142.928 |
128.761 |
101.897 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SALES |
384.038 |
441.270 |
331.949 |
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Less |
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Office Expenses |
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Administrative Expenses |
379.729 |
430.643 |
327.936 |
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Advertising Expenses |
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TOTAL |
379.729 |
430.643 |
327.936 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
4.309 |
(8.047) |
4.013 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
4.214 |
2.580 |
2.333 |
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PROFIT BEFORE
TAX |
0.095 |
(10.627) |
1.680 |
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Less |
TAX |
(0.242) |
(0.485) |
(0.400) |
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PROFIT AFTER TAX
|
(0.336) |
(10.142) |
1.280 |
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Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
(0.535) |
(0.436) |
(0.077) |
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BALANCE CARRIED TO
THE B/S |
(48.226) |
(47.356) |
(57.063) |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
16.272 |
7.017 |
NA |
|
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Commission Earnings |
1.143 |
1.263 |
NA |
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TOTAL EARNINGS |
17.415 |
8.280 |
NA |
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IMPORTS |
|
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Raw Materials |
21.383 |
9.432 |
NA |
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TOTAL IMPORTS |
21.383 |
9.432 |
NA |
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Earnings Per
Share (Rs.) |
-- |
(19.75) |
-- |
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Particulars |
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|
31.03.2010 |
|
Sales Turnover (Approximately) |
|
|
400.000 |
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Expected Sales (2010-2011) : Rs. 450.000 millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
(0.08) |
(2.30)
|
0.38 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.02 |
(2.40)
|
0.50 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.04 |
(4.68)
|
0.46 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.00 |
(0.43)
|
0.00 |
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Debt Equity Ratio (Total Liability/Networth) |
|
8.81 |
8.29
|
17.92 |
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Current Ratio (Current Asset/Current Liability) |
|
2.01 |
1.80
|
1.68 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors
Details :
(Rs.
In Millions)
|
Particulars |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
Sundry Creditors |
53.530 |
69.189 |
57.856 |
|
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|
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Total |
53.530 |
69.189 |
57.856 |
Trade References:
·
Mole Cor,
·
Form : 8
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U24110MH1966PTC013577 |
|
Name of the
company |
A L A CHEMICALS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
C-5, Chemical Zone, M.I.D.C, |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the charge to be modified |
10016733 |
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Type of charge |
Immovable Property |
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Particular of
charge holder |
Syndicate Bank, 26-A, Sir Pherozeshah Mehta Road, Fort, Mumbai-400001,
Maharashtra, India |
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Nature of instrument
creating charge |
Deed of Simple
Registered Mortgage |
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Date of
instrument Creating the charge |
15.03.2010 |
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Amount secured by
the charge |
Rs. 133.852
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest Interest at the
rate as may be communicated by the bank from time to time Terms of Repayment On Demand Margin As maybe
stipulated by the bank from time to
time Extent and Operation of the charge Mortgagor
transferred by way of mortgage their immovable properties as specified in
item 15 to the Mortgagees as a security for repayment of the said sum with
interest and all other moneys due and payable hereunder with a condition that
on the Borrowers repay the said principal sum of Rs. 133.852 Millions with all interest and other moneys due to
the Mortgagee the Mortgage will redeem immovable properties Others The mortgage
charge created herein shall rank pari passu in favour of Union Bank of |
|
Short particulars
of the property charged |
All that piece or
parcel of land bearing plot No. C-5 in the Ambernath Industrial Area, within
the Village limit of Kansai, Taluka and Registration Sub District Kalyan All that piece of
parcel of land bearing Plot No. A-13
and B-13 in the Ambernath Industrial Area, Within the village limit of
Kansai, Taluka and Registration Sub- District Kalyan |
|
Particulars of
the present modification |
The joint
mortgage/ charge shall now stand secured upto Rs. 133.852 Millions in favour
of Union Bank of |
Fixed Assets:
·
·
Building, Road, Office
Premises
·
Plant and Machinery
·
Electrical Installation
·
Laboratory Equipments
·
Technical Know how
·
Furniture and Fixture
·
Office Equipment
·
Vehicles
·
Computers
·
Printers
·
Fax Machine
·
Bore well
As per website
Profile:
Subject is a pioneer in the field of PVC additives in
- Tin stabilizers(including methyl tin stabilizers)
- Mixed metal stabilizers
- High efficiency liquid mixed metal stabilizers
- Lead stabilizers (singles and one packs)
- Non toxic calcium - zinc stabilisers
- Metallic stearates
- Polymeric plasticisers
- Chelators including organo phosphites
- Brabender
- Extrusiometer
- Blown film pilot plant
- Pilot plant coating simulation equipment.
It also has well equipped analytical instruments facilities that help in
development and quality of PVC additives including heat stabilizers. Some of
them are:
- Gas liquid chromatography (GLC)
- Infra red spectrophotometer
- Ultra violet fluorescent spectrophotometer
Services:
The Technical Service Laboratory is well equipped with the instruments
like Brabender, Lab Scale Extruder from Gottfert Germany, Blown Film Extruder,
2 Roll Mill, Static heat stability oven, Pressed sheets and congo heat stability
tester. They render the following services to customers :-
1. Comparison properties of stabilsers are carried out and the appropriate
stabilser is recommended to the customer.
2. Troubleshooting on processing and perfomance of PVC compounds on pipes/cables/films
and leather applications.
3. Assistance in problem solving at the PVC processing customers.
4. Evaluation of PVC compounds for rigid and flexible applications.
5. Installing of our stabilizers on customers plants and optimising processing
conditions.
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. 45.37 |
|
|
1 |
Rs. 73.25 |
|
Euro |
1 |
Rs. 62.08 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
26 |
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.