MIRA
INFORM REPORT
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Report Date : |
22.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
UNIMAX CHEMICALS PRIVATE LIMITED |
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Registered
Office : |
E-116, M.I.D.C., Tarapur, Boisar, District Thane – 401 502, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
24.05.1985 |
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Com. Reg. No.: |
11-036332 |
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Capital Investment
/ Paid-up Capital : |
Rs.15.000 millions |
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CIN No.: [Company Identification
No.] |
U24239MH1985PTC036332 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMU03567E |
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PAN No.: [Permanent Account No.] |
AAACU0789M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturing of Chemical. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
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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 113000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Trade
relations are reported as fair. Business is active. Payments are reported to
be slow but correct. The company can be considered for business dealings with some
cautions. |
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
|
Registered Office/ Factory : |
E-116, M.I.D.C., Tarapur, Boisar, District Thane – 401 502, |
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Tel. No.: |
91-2525-270778/ 270880 |
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Fax No.: |
91-2525-270778/ 270880 |
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E-Mail : |
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Administration Office : |
Unimax House, Plot No.32, RSC 14/18, Sector – 2, Near |
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Tel. No.: |
91-22-29676661/ 29676662 |
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Tele Fax No.: |
91-22-29676663 |
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E-Mail : |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Suresh Ramanlal Shah |
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Designation : |
Director |
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Address : |
503, Asho Palav CHS Limited, 5th Floor, Jwala Estate, |
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Date of Birth/Age : |
25.01.1947 |
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Date of Appointment : |
24.05.1985 |
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DIN No.: |
00480220 |
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Name : |
Mr. Kaushik Ramanlal Shah |
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Designation : |
Director |
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Address : |
504, Narmada Enclave, Building No.2, ‘B’ Wing, 5th Floor,
Shimpoli Cross Road No.1, T.P.S. III, Borivli (West), Mumbai – 400 092, |
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Date of Birth/Age : |
23.10.1956 |
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Date of Appointment : |
24.05.1985 |
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DIN No.: |
00480321 |
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Name : |
Mr. Yashwant Ramanlal Shah |
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Designation : |
Director |
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Address : |
J/404, |
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Date of Birth/Age : |
30.04.1941 |
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Date of Appointment : |
09.10.1990 |
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DIN No.: |
00479921 |
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Name : |
Mr. Piyush Suresh Shah |
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Designation : |
Director |
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Address : |
503, Asho Palav CHS Limited, 5th Floor, Jwala Estate, |
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Date of Birth/Age : |
13.08.1972 |
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Date of Appointment : |
02.05.2001 |
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DIN No.: |
00480499 |
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Name : |
Mr. Brijesh yashwant Shah |
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Designation : |
Director |
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Address : |
J/404, |
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Date of Birth/Age : |
20.06.1977 |
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Date of Appointment : |
02.05.2001 |
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DIN No.: |
00480692 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
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Shah Ramanlal Yashwant |
|
6850 |
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Shah Ramanlal Yashwant-HUF |
|
5220 |
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Shah Yashwant Chandravali |
|
13493 |
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Shah Yashwant Bela |
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7400 |
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Shah Yashwant Bindu |
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7820 |
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Shah Yashwant Brijesh |
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6250 |
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Shah Ramanlal Suresh |
|
9120 |
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Shah Ramanlal Suresh-HUF |
|
7940 |
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Shah Suresh Nirupama |
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4313 |
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Shah Suresh Piyush |
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12110 |
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Shah Suresh Jignesh |
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13550 |
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Shah Kaushik Ramanlal |
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12460 |
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Shah Kaushik Ramanlal-HUF |
|
8570 |
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Shah Kaushik Varsha |
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11763 |
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Shah Kaushik Megha |
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6500 |
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Shah Kaushik Hemal |
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7740 |
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Shah Ramanlal Savita |
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8750 |
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Shah Ramanlal Mahesh |
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150 |
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Shah Mahesh Smita |
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1 |
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Total
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150000 |
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 |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Chemical. |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Nathvani and Associates Chartered Accountants |
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Address : |
D/6, Jethwa Nagar, |
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Tel. No.: |
91-22-28090013 |
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Tele Fax No.: |
91-22-28651440 |
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E-Mail : |
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Income-tax
PAN of auditor or auditor's firm : |
AAAPN4432D |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
150000 |
Equity Shares |
Rs.100/- each |
Rs.15.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
150000 |
Equity Shares |
Rs.100/- each |
Rs.15.000 millions |
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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 |
15.000 |
15.000 |
15.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
13.296 |
9.065 |
7.566 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
28.296 |
24.065 |
22.566 |
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LOAN FUNDS |
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1] Secured Loans |
55.653 |
21.909 |
24.492 |
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2] Unsecured Loans |
32.705 |
21.593 |
18.346 |
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TOTAL BORROWING |
88.358 |
43.502 |
42.838 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.003 |
0.002 |
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TOTAL |
116.654 |
67.570 |
65.406 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
18.426 |
13.903 |
9.047 |
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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 |
0.055 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
22.212
|
18.358 |
15.549 |
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Sundry Debtors |
71.023
|
37.951 |
44.199 |
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Cash & Bank Balances |
0.453
|
3.087 |
0.418 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
48.546
|
28.196 |
25.003 |
|
Total
Current Assets |
142.234
|
87.592 |
85.169 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Sundry Creditors |
40.642
|
31.039 |
26.653 |
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Other Current Liabilities |
0.000
|
0.074 |
0.074 |
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Provisions |
3.419
|
2.812 |
2.083 |
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Total
Current Liabilities |
44.061
|
33.925 |
28.810 |
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Net Current Assets |
98.173
|
53.667 |
56.359 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
116.654 |
67.570 |
65.406 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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|
236.085 |
186.227 |
120.908 |
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Other Income |
1.978 |
1.907 |
1.935 |
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TOTAL (A) |
238.063 |
188.134 |
122.843 |
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Less |
EXPENSES |
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|
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Manufacturing Expenses |
207.590 |
167.282 |
105.543 |
|
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Sales and Distribution Expenses |
6.092 |
3.082 |
2.967 |
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|
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Administrative Expenses |
9.409 |
7.370 |
5.787 |
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TOTAL (B) |
223.091 |
177.734 |
114.297 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
14.972 |
10.400 |
8.546 |
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Less |
INTEREST &
FINANCIAL EXPENSES (D) |
7.131 |
6.563 |
5.310 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
7.841 |
3.837 |
3.236 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.736 |
1.608 |
1.522 |
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PROFIT BEFORE
TAX (E-F) (G) |
6.105 |
2.229 |
1.714 |
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Less |
TAX (H) |
1.874 |
0.730 |
0.577 |
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PROFIT AFTER TAX
(G-H) (I) |
4.231 |
1.499 |
1.137 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
8.074 |
6.575 |
5.438 |
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BALANCE CARRIED
TO THE B/S |
12.305 |
8.074 |
6.575 |
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EARNINGS IN
FOREIGN CURRENCY |
148.257 |
NA |
NA |
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|
Earnings Per
Share (Rs.) |
28.21 |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.78
|
0.80 |
0.93 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
2.59
|
1.20 |
1.42 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.80
|
2.20 |
1.82 |
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.22
|
0.09 |
0.08 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
4.68
|
3.22 |
3.18 |
|
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|
Current Ratio (Current Asset/Current Liability) |
|
3.23
|
2.58 |
2.96 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL RESULTS:
The turnover during the year increased to Rs.238.063 millions. During the
year, the company earned a higher net profit of Rs.4.231 millions.
BUSINESS DESCRIPTION:
This major group includes establishments producing basic
chemicals, and establishments manufacturing products by predominantly chemical
processes. Establishments classified in this major group manufacture three
general classes of products: (1) basic chemicals, such as acids, alkalies,
salts, and organic chemicals; (2) chemical products to be used in further
manufacture, such as synthetic fibers, plastics materials, dry colors, and
pigments; and (3) finished chemical products to be used for ultimate
consumption, such as drugs, cosmetics, and soaps; or to be used as materials or
supplies in other industries, such as paints, fertilizers, and explosives.
FORM 8:
|
Corporate
identity number of the company |
U24239MH1985PTC036332 |
|
Name of the
company |
UNIMAX CHEMICALS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
E-116, M.I.D.C., Tarapur, Boisar, District Thane – 401 502, E-Mail: unimax.ashok@gmail.com |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90141862 |
|
Type of charge |
Book Debts Movable Property |
|
Particular of
charge holder |
Bank of E-Mail: ravinputhran@yahoo.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
Composite
Hypothecation Agreement |
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Date of
instrument Creating the charge |
19.11.2010 |
|
Amount secured by
the charge |
Rs.125.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: 3.5% above base
rate minimum 12% Terms of
Repayment: Cash Credit
(Hypothecation of Stock and Book Debts) PC CUM FBP/BP/BD
usance 90 days Inland/Import
L/Cs Margin: 25% on raw
materials 35% on stock in
process and finished goods 30% on book debts Extent and
Operation of the charge: Bank of |
|
Short particulars
of the property charged |
The whole of the
borrower's stocks, both present and future and including but without
prejudice to the generality of the foregoing words, all stocks of raw
materials, work in process All the present
and future book debts, outstanding, monies receivable, claims, bills,
contracts, engagements and securities All the tangible
moveable machinery and plant and cranes, boats and crafts and the vehicles of
the borrower together with spares, tools and accessories and other moveables
both present and future |
|
Date of latest
modification prior to the present modification |
13.04.2009 |
|
Particulars of
the present modification |
Charge increased to
Rs.125.000 millions. |
FIXED ASSETS:
v
Land
v
Office Premises
v
Office Premises at Kandivali
v
Furniture and Fixture (Kandivali)
v
v
Plant and Machinery
v
Cycle
v
Typewriter
v
Lab Equipment
v
Scooter
v
Furniture and Fixture
v
Fax Machine
v
Computer and Fax
v
Motor-Car
v
W.I.P. Plant and Machinery at Melody
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.44.43 |
|
|
1 |
Rs.71.90 |
|
Euro |
1 |
Rs.63.40 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
28 |
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.