MIRA
INFORM REPORT
|
Report Date : |
26.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
BEST VALUE CHEM PRIVATE LIMITED |
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Registered
Office : |
4 |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
18.12.1996 |
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Com. Reg. No.: |
04-31318 |
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Capital
Investment / Paid-up Capital : |
Rs.10.500
Millions |
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CIN No.: [Company Identification
No.] |
U24110GJ1996PTC031318 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BRDB00363G |
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PAN No.: [Permanent Account No.] |
AAACB9400C |
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Legal Form : |
Private Limited Liability Company
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Line of Business
: |
Manufacturer
and Seller of Aromatic and Perfumery Chemicals. |
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No. of Employees
: |
345 (Office – 45 and Factory – 300) (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
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 240000 |
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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 conditions. The Latest Profit and Loss 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.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 : |
4 |
|
Tel. No.: |
91-265-2342982/
2341259/ 2342191 |
|
Mobile No.: |
91-9099076321
(Mr. Mukesh Patel) |
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Fax No.: |
91-265-2342191 |
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E-Mail : |
shajuco@bestvaluechem.com
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|
Website : |
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|
Area : |
2000 sq. ft. |
|
Location : |
Owned |
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|
|
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Administrative
office: |
Mukund
Madhavan Udyog Nagar, Plot No. 142, Village Navghar, Vasai (East), Thane, |
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Tel. No.: |
91-265-2342191 |
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E-Mail : |
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|
Corporate Office : |
A-308, Kanara Business
Centre, Behind Everest Gardens, Off |
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Tel. No.: |
91-22- 25003602/
04/ 06 |
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E-Mail : |
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Website : |
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Factory 1 : |
Plot
No. 439, Village Karkhadi, Taluka Padra, |
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Factory 2: |
Survey No.306, Sakarda, |
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Factory 3 : |
Plot No. 439/1, |
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Tel. No.: |
91-2662-273327/
28/ 273606 |
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Fax No.: |
91-2662-273607 |
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Area : |
50000
sq. ft. |
|
Location : |
Owned |
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|
|
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Branch Office
1 : |
203,
Akashganaga Apartments, Near Vanigya Bhavan, |
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Branch Office
2 : |
203 -
Shiv Shakti Complex, |
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Tel No.: |
91-265-2341427/ 259 |
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Fax. No.: |
91-265-2341823 |
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E-Mail: |
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Websites : |
DIRECTORS
As on 30.09.2009
|
Name : |
Mr.
Chazhoor Ouseph Shaju |
|
Designation : |
Whole Time Director |
|
Address : |
C/301, Nisarg, Diwalipura, Baroda-390015, |
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Date of Birth/Age : |
01.06.1968 |
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Date of Appointment : |
01.09.1998 |
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|
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Name : |
Mr. Mahesh
Madanlal Shah |
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Designation : |
Director |
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Address : |
204 Purnima
Apartments, T Near Anand Balwadi Amrakunj Extension, Vadodara – 390 023, |
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Date of Birth/Age : |
01.12.1969 |
|
Date of Appointment : |
06.12.2007 |
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Din No.: |
00050061 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2009
|
Names of Shareholders |
No. of
Preferences Shares |
No. of Equity
Shares |
|
Manda J Patel and Prittin J Patel |
-- |
2500 |
|
Prittin J Patel and Manda J Patel |
-- |
2500 |
|
Jagadish Patel, Manda J Patel and
Prittin J Patel |
-- |
40980 |
|
Jagadish Patel, Manda J Patel and
Zest Aromas Private Limited, |
-- |
10 |
|
Jagadish Patel, Manda J Patel and Mutimode
Enterprises Private Limited, |
-- |
10 |
|
Chazhoor
Ouseph Shaju |
-- |
2500 |
|
Swati
Milind Gawde |
-- |
1000 |
|
Dennis Varghese |
-- |
500 |
|
Multimode Enterprises Private Limited, |
10000 |
-- |
|
|
|
|
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Total |
10000 |
50000 |
As on 30.09.2009
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
92.00 |
|
Directors
or relatives of directors |
|
5.00 |
|
Other
top fifty shareholders |
|
3.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
and Seller of Aromatic and Perfumery Chemicals. |
PRODUCTION STATUS (AS ON 31.03.2009)
|
Particulars |
Unit |
Installed
Capacity |
|
Organic Chemicals |
In MTS |
1800 |
GENERAL INFORMATION
|
No. of Employees : |
345 (Office – 45 and Factory – 300) (Approximately) |
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Bankers : |
Ř
Corporation Bank, Ř
Bank of Ř
Bank of Ř
Indian Overseas Bank Limited, Dandia Bazar
Char Rasta, NR Fire Station, Ř ABN Amro Bank – Alkapuri Ř
ABN Amro Bank – Mumbai, Ř Corporation Bank – Alkapuri Ř Citi Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Virendra Nayyar and Company Chartered Accountant |
|
Address : |
2, Nutun Ashapuri Society, Subhanpura, Vadodara-390023, |
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Tel. No.: |
91-265-2283292 |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500 Millions |
|
10000 |
Preferences Shares |
Rs.1000/- each |
Rs.10.000 Millions |
|
|
Total |
|
Rs.12.500
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500
Million |
|
10000 |
Preferences Shares |
Rs.1000/- each |
Rs.10.000
Millions |
|
|
Total |
|
Rs.10.500 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
10.500 |
10.500 |
10.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
51.094 |
18.308 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
(8.321) |
|
|
NETWORTH |
61.594 |
28.808 |
2.179 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
57.407 |
31.822 |
41.457 |
|
|
2] Unsecured Loans |
37.869 |
32.518 |
29.027 |
|
|
TOTAL BORROWING |
95.276 |
64.340 |
70.484 |
|
|
DEFERRED TAX LIABILITIES |
5.409 |
0.000 |
0.000 |
|
|
OTHERS |
44.400 |
44.400 |
44.400 |
|
|
|
|
|
|
|
|
TOTAL |
206.679 |
137.548 |
117.063 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
77.315 |
51.742 |
44.647 |
|
|
Capital work-in-progress |
4.762 |
3.876 |
1.679 |
|
|
|
|
|
|
|
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INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.362 |
1.115 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
103.212
|
69.395 |
48.993 |
|
|
Sundry Debtors |
111.108
|
72.929 |
74.396 |
|
|
Cash & Bank Balances |
0.243
|
0.236 |
5.267 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
38.500
|
61.476 |
11.767 |
|
Total
Current Assets |
253.063
|
204.036 |
140.423 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
67.494 |
|
|
Other Current Liabilities |
132.090
|
130.707 |
12.835 |
|
|
Provisions |
1.200
|
0.000 |
2.120 |
|
Total
Current Liabilities |
133.290
|
130.707 |
82.449 |
|
|
Net Current Assets |
119.773
|
73.329 |
57.974 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
4.829 |
8.239 |
11.648 |
|
|
|
|
|
|
|
|
TOTAL |
206.679 |
137.548 |
117.063 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
334.114 |
|
|
|
Other Income |
|
|
9.533 |
|
|
|
TOTAL (A) |
|
|
343.647 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material and Packing Material Consumed |
|
|
239.038 |
|
|
|
Manufacturing and Direct Expenses |
|
|
32.189 |
|
|
|
Employees Cost |
|
|
8.467 |
|
|
|
Administrative and Selling Expenses |
|
|
30.494 |
|
|
|
Increase / Decrease in Stocks |
|
|
(14.281) |
|
|
|
TOTAL (B) |
|
|
295.907 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
|
47.740 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
|
16.365 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
|
31.375 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
|
6.365 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
|
25.010 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
|
1.005 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
|
|
24.005 |
|
|
|
|
|
|
|
|
|
Less |
PRIOR PERIOD
ADJUSTMENTS |
|
|
2.320 |
|
|
Add |
PRIOR PERIOD
ADJUSTMENTS |
|
|
0.585 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
|
(30.591) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
|
(8.321) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
|
|
246.558 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Imported Material |
|
|
130.057 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
445.41 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
NA
|
NA |
6.99 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA |
7.49 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
NA |
13.51 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
NA |
11.47 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.71
|
6.77 |
70.18 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.90
|
1.56 |
1.70 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10008826 |
|
Corporate
identity number of the company |
U24110GJ1996PTC031318 |
|
Name of the
company |
BEST VALUE CHEM
PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
4 |
|
Type of charge |
Immovable
Property |
|
Particular of charge
holder |
Indian Overseas Bank Limited, Dandia Bazar Char Rasta, NR
Fire Station, |
|
Email |
|
|
Nature of description
of the instrument creating or modifying the charge |
Memorandum of
Deposit of Title deeds (Fourth supplemental narration) dated 12.01.2011 |
|
Date of
instrument Creating the charge |
12.01.2011 |
|
Amount secured by
the charge |
Rs.117.800 Millions
|
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Cash Credit:
BPLR+ 1.25% presently13.25% Term Loan - I ;
BPLR +1.75% presently 13.75% Term Loan- II :
BPLR +1.75% presently 13.75% Terms of
Repayment Cash Credit: On
Demand. Term Loan
(Existing): Repayable in 60 EMI of Rs 0.221 millions commencing from April
2007. Term Loan
(Fresh): Repayable in 60 monthly installments of Rs.0.943 millions commencing
from October2010. Margin Cash Credit :
25%on stock 50% on Receivables Term Loan - I :
25% Term Loan-II : P
and M - 25% Building - 50% MFA - 35% Letter of
Guarantee - 25% Letter of Credit
- 25% Extent and
Operation of the charge First charge
shall by way of equitable mortgage as collateral security for the repayment
to the bank of all monies including the principal sums, interest, cost,
charges, expenses and other monies payable from time to time and that all
rights, remedies, terms, conditions to be observed by the company for the
total credit facilities granted by the bank. |
|
Short particulars
of the property charged |
I)
Block
no 439(part -1) adms 9235 sq mtr containing construction of factory Bldg and Structures
adms 1115.24sq mtr at Karakhadi Tal. Padra Dist. Vadodara belongs to company
as primary security II)
Block
No 437 and 438 admeasuring 5678 sq mtrs and 9751sq mtrs respectively situated
at village Karakhadi, Tal Padra Dist Vadodara as a Collateral security
belongs to Multimode Enterprise Private Limited III)
Block
no 439/2 (Old R.S. no 412/1 and 412/2) adms 5986 sq mtr situated at Village
Karakhadi Tal. Padra Dist. Vadodara. Given as a Collateral security belongs
to Multimode Enterprise Private Limited. |
|
Date of latest
modification prior to the present modification |
31.12.2010 |
|
Particulars of
the present modification |
The existing
credit facilities aggregating Rs.117.800 Millions is also secured against
immovable properties of the Company. |
Fixed
assets:
v Land and Land Development
v
v Furniture and Fixture
v Office Equipments
v Air conditioners
v Computer
v Electrical Installation
v Plant and Machinery
v Borewell
v Misc. Fixed Assets
v Laboratory Equipments
v Effluent Treatment Plant
v Motor Bike
v Cycle
v
v
Boiler
v
Cooling
Tower
v
Factory
Equipments
v
Safety
Equipment
v
Tools
and Equipments
v
Mobile
Phones
AS PER WEBSITE
PROFILE:
Subject is one of the manufacturer of fragrance and flavour
ingredients in
Subject is a privately held company with a turnover of US
$15 million (Rs.680.000 millions). Incorporated in the state of
Vadodara, as a location offers immense potential for necessary resources like easy availability of feed material and qualified human resources. Furthermore, its access to the central effluent discharge facilities offered by local industries was an additional factor for selecting the location.
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.44.42 |
|
|
1 |
Rs.72.49 |
|
Euro |
1 |
Rs.63.87 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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.