MIRA
INFORM REPORT
|
Report Date : |
08.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
GULBRANDSEN CHEMICALS PRIVATE LIMITED |
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Registered
Office : |
On Coastal Highway, Village Mujpur, Taluka Padra, Vadodara – 391440 |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
18.12.1998 |
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Com. Reg. No.: |
041319 |
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Capital Investment
/ Paid-up Capital : |
Rs.43.696 Millions |
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CIN No.: [Company Identification
No.] |
U24119GJ1998PTC041319 |
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|
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TAN No.: [Tax Deduction &
Collection Account No.] |
BRDG00260B |
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PAN No.: [Permanent Account No.] |
AABCG0812A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Supplier and marketer to demanding applications including
complex petrochemical chemistry, pharmaceutical applications, chemical-intermediate
uses, and high purity electronics chemicals. |
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No. of Employees
: |
Not Divulged by Management |
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 |
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Maximum Credit Limit : |
USD 2130000 |
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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 an 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 condition. Profit and loss account of the company is not available |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION DECLINED BY
|
Name : |
Mr. Jitesh |
|
Designation : |
Accounts Manager |
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Date : |
06.07.2011 |
LOCATIONS
|
Registered Office : |
On Coastal Highway, Village Mujpur, Taluka Padra, Vadodara – 391440, |
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Tel. No.: |
91-2662-221199 |
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Mobile No.: |
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Fax No.: |
91-2662-225096 |
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E-Mail : |
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Website : |
DIRECTORS
As on 20.09.2010
|
Name : |
Mr. Jacob George |
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Designation : |
Managing Director |
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Address : |
104 Covered Brdg Cvrd Brdg Frms, |
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Date of Birth/Age : |
13.09.1950 |
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Date of Appointment : |
25.09.2008 |
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DIN : |
02354200 |
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Name : |
Mr. Donald Edward Gulbrandsen |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
06.08.1961 |
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Date of Appointment : |
19.11.1999 |
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DIN : |
00096928 |
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Name : |
Mr. Eric Dean Carl Smith |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
02.08.1961 |
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Date of Appointment : |
01.03.2004 |
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DIN : |
00030699 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 20.09.2010
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Names of Shareholders |
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No. of Shares |
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EW Limited C/O International Management Mauritius Limited, |
|
4369515 |
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Donald Gulbrandsen Eric Dean Carl Smith Jacob George |
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1 |
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Total |
|
4369516 |
As on 20.09.2010
|
Category |
Percentage |
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Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
100.00 |
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|
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Supplier and marketer to demanding applications including
complex petrochemical chemistry, pharmaceutical applications,
chemical-intermediate uses, and high purity electronics chemicals. |
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Products
: |
Product Services
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GENERAL INFORMATION
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No. of Employees : |
Not Divulged by Management |
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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 : |
Bharat Parikh And Associates Chartered Accountant |
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Address : |
509, Shriram Chambers, |
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Holding Company : |
EW Limited, |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7,000,000 |
Equity Shares |
Rs.10/-each |
Rs.70.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4,369,616 |
Equity Shares |
Rs.10/-each |
Rs.43.696 millions |
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Note : All shares held by the holding company viz.
EW Limited, Mauritius, including 1 share held under beneficial ownership under
section 187-C
As on 20.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7,000,000 |
Equity Shares |
Rs.10/-each |
Rs.70.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4,369,516 |
Equity Shares |
Rs.10/-each |
Rs.43.695 millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
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1] Share Capital |
43.696 |
43.696 |
22.050 |
|
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2] Share Application Money |
0.000
|
0.000 |
194.339 |
|
|
3] Reserves & Surplus |
490.389 |
381.883 |
79.292 |
|
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4] (Accumulated Losses) |
0.000
|
0.000 |
0.000 |
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NETWORTH |
534.085 |
425.579 |
295.681 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000
|
0.000 |
0.000 |
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2] Unsecured Loans |
179.657 |
219.110 |
193.483 |
|
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TOTAL BORROWING |
179.657 |
219.110 |
193.483 |
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DEFERRED TAX LIABILITIES |
1.870 |
8.572 |
8.928 |
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TOTAL |
715.612 |
653.261 |
498.092 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
225.441 |
267.303 |
225.673 |
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Capital work-in-progress |
186.329 |
68.233 |
69.999 |
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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 |
337.912
|
192.206 |
258.595 |
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Sundry Debtors |
177.030
|
148.070 |
306.545 |
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Cash & Bank Balances |
40.849
|
82.306 |
39.319 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
182.980
|
160.929 |
104.799 |
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Total
Current Assets |
738.771
|
583.511 |
709.258 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
96.855
|
83.865 |
-- |
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Other Current Liabilities |
209.828
|
119.672 |
451.129 |
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Provisions |
128.246
|
62.249 |
55.709 |
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Total
Current Liabilities |
434.929
|
265.786 |
506.838 |
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Net Current Assets |
303.842
|
317.725 |
202.420 |
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MISCELLANEOUS EXPENSES |
0.000
|
0.000 |
0.000 |
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TOTAL |
715.612 |
653.261 |
498.092 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.15
|
1.14 |
2.37 |
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Current Ratio (Current Asset/Current Liability) |
|
1.70
|
2.19 |
1.40 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
REPORTS
(Rs. In Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
96.855
|
83.865 |
NA |
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U24119GJ1998PTC041319 |
|
Name of the
company |
GULBRANDSEN
CHEMICALS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
On Coastal
Highway Villagemujpur, Tal Padra,
Vadodara – 391440, |
|
This form is for |
Creation
of Charge |
|
Type of charge |
|
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Particular of
charge holder |
ICICI Bank Limited, |
|
Nature of
instrument creating charge |
Memorandum of
Entry - first time mortgage by deposit of title deeds |
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Date of
instrument Creating the charge |
30.05.2011 |
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Amount secured by
the charge |
Rs.420.000 millions |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Immovable
property being land and building |
FIXED ASSETS :
·
Land and Site Development
·
Building
·
Plant and Machinery
·
Furniture and Fixtures
·
Motor
Car
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.44.41 |
|
|
1 |
Rs.70.95 |
|
Euro |
1 |
Rs.63.62 |
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 |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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.