MIRA
INFORM REPORT
|
Report Date : |
24.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
AUCHTEL PRODUCTS LIMITED (w.e.f. 09.05.1997) |
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Formerly Known
As : |
HENKEL CHEMICALS (INDIA) LIMITED (w.e.f. 1996) DIAMOND SHAMROCK (INDIA) LIMITED (w.e.f. 1973) NOPCO ( |
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Registered
Office : |
142/C, Victor House, N.M. Joshi Marg, Lower Parel, Mumbai-400018, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
24.08.1965 |
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Com. Reg. No.: |
11-013303 |
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Capital
Investment/ Paid-up Capital: |
Rs. 8.036
Millions |
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CIN No.: [Company Identification
No.] |
U24100MH1965PLC013303 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA20348G |
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PAN No.: [Permanent Account No.] |
AAACH0975L |
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Legal Form : |
A Closely Held
Public Limited Liability company |
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Line of Business
: |
Manufacturer,
Exporter and Importer of Chemicals used in Textiles, Paper, Leather, Wire,
Drawing, Paint, Construction, Dyestuff, Oil Fields, Refinery, Agro/
Fertilizers. |
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|
|
|
No. of
Employees: |
300
(Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 340000 |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having fine track. Trade
relations are reported as fair. Business is active. Payments are reported to be
correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION DECLINED BY
|
Name : |
Mr. Charu Kapoor |
|
Designation : |
Executive Director |
|
Date : |
23.06.2011 |
LOCATIONS
|
Registered Office : |
142/C, Victor House, N.M. Joshi Marg, Lower Parel, Mumbai-400018, |
|
Tel. No.: |
91-22-24933975
(10 Lines) / 240632600/ 626 |
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Fax No.: |
91-22-24939755 /
24974211/ 240632627/ 40632672 |
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E-Mail : |
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Website : |
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Area : |
Owned |
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Factory 1 : |
Plot No. A-85, A-86 / C-22, MIDC Industrial Estate, Dombivli (East),
Dist. Thane, |
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Factory 2 : |
D-1, MIDC Estate,
Mirzole Industrial Estate, Ratnagiri – 415612, |
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Branches : |
Located at:
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DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Rajiv Haridas Tandon |
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Designation : |
Chairman cum Managing Director |
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Address : |
3/64, Vishnu Puri, Nawab Gunj, Kanpur-208002, |
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Date of Birth/Age : |
05.08.1952 |
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Date of Appointment : |
22.11.1988 |
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Name : |
Mrs. Deepa Rajiv Tandon |
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Designation : |
Director |
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Address : |
3/64, Vishnu Puri, Nawab Gunj, Kanpur-208002, |
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Date of Birth/Age : |
18.12.1957 |
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Date of Appointment : |
09.05.1997 |
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Name : |
Mr. Kumar Pradyuman Rele |
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Designation : |
Director |
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Address : |
6/4 Sealord, B Building, Cuffe Parade, Mumbai-400005, |
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Date of Birth/Age : |
13.06.1936 |
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Date of Appointment : |
12.11.1999 |
KEY EXECUTIVES
|
Name : |
Mr. Charu Kapoor |
|
Designation : |
Executive Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Rajiv Tandon |
|
37753 |
|
Rajiv Haridas Tandon- HUF |
|
1 |
|
Rajiv Tandon- HUF |
|
1 |
|
Haridas Tandon- HUF |
|
1 |
|
Premo Tandon- HUF |
|
1 |
|
Deepa Tandon |
|
1 |
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Prateecha Tandon |
|
1 |
|
Prateek Tandon |
|
1 |
|
Auchlite Chemicals Private Limited, |
|
42600 |
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Total |
|
80360 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2010
|
Category |
Percentage |
|
Bodies corporate |
53.02 |
|
Directors or relatives of Directors |
46.98 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter
and Importer of Chemicals used in Textiles, Paper, Leather, Wire, Drawing,
Paint, Construction, Dyestuff, Oil Fields, Refinery, Agro/ Fertilizers. |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
300
(Approximately) |
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Bankers : |
·
Bank
of ·
State
Bank of ·
Bank
of ·
Bank
of ·
Vijaya
Bank, Worli Branch ·
ING
Vysya Bank, Worli Branch ·
Saraswat
Co-op Bank Limited, Fort, Mumbai-400001, ·
Saraswlat
Co-Operative Bank Limited, Dr. D.B. Marg, ·
Deutsche
Bank (Asia) Tulsiani Chambers, Nariman, Mumbai-400021, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
J N Sharma and Company Chartered Accountant |
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Address : |
58/4, |
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Holding Company : |
Auchlite Chemical Private Limited U24111UP1996PTC020834 |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000 |
‘A’ Equity Shares |
Rs. 100/- each |
Rs. 20.000 Millions |
|
300000 |
‘B’ Equity Shares |
Rs. 100/- each |
Rs. 30.000 Millions |
|
|
Total |
|
Rs. 50.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
32144 |
‘A’ Equity Shares |
Rs. 100/-
each |
Rs. 3.214
Millions |
|
48216 |
‘B’ Equity Shares |
Rs. 100/-
each |
Rs. 4.822
Millions |
|
|
Total |
|
Rs. 8.036 Millions |
Notes:
1)
of the above 27388 ‘A’
Equity Shares and 41082 ‘B’ Equity Shares have been allotted as fully paid up
bonus shares by capitalization of reserves.
2)
47600 ‘B’ Equity Shares
are held by Auchtel Chemicals Private Limited, the holding company.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
8.036 |
8.036 |
8.036 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
77.094 |
71.312 |
73.817 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
85.130 |
79.348 |
81.853 |
|
|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
148.100 |
147.739 |
142.869 |
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TOTAL BORROWING |
148.100 |
147.739 |
142.869 |
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DEFERRED TAX LIABILITIES |
2.219 |
2.579 |
3.143 |
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TOTAL |
235.449 |
229.666 |
227.865 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
21.071 |
17.831 |
21.126 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
98.251 |
14.734 |
15.405 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
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Inventories |
54.822
|
65.276 |
62.031 |
|
|
Sundry Debtors |
193.932
|
143.978 |
166.201 |
|
|
Cash & Bank Balances |
57.159
|
108.065 |
98.931 |
|
|
Other Current Assets |
0.128
|
0.073 |
0.061 |
|
|
Loans & Advances |
54.912
|
54.950 |
49.858 |
|
Total
Current Assets |
360.953
|
372.342 |
377.082 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
209.652
|
143.643 |
155.749 |
|
|
Other Current Liabilities |
21.071
|
17.496 |
15.896 |
|
|
Provisions |
14.103
|
14.102 |
14.103 |
|
Total
Current Liabilities |
244.826
|
175.241 |
185.748 |
|
|
Net Current Assets |
116.127
|
197.101 |
191.334 |
|
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|
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|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
235.449 |
229.666 |
227.865 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income From Operations |
613.009 |
594.827 |
572.296 |
|
|
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Export Incentives |
4.571 |
2.605 |
1.594 |
|
|
|
Other Income |
8.135 |
31.109 |
4.489 |
|
|
|
TOTAL (A) |
625.715 |
628.541 |
578.379 |
|
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|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
339.521 |
391.500 |
345.643 |
|
|
|
Increase/ Decrease in Stocks |
19.712 |
[12.844] |
17.474 |
|
|
|
Manufacturing and other expenses |
210.095 |
204.665 |
172.961 |
|
|
|
Bad Debts written off |
4.070 |
4.770 |
0.000 |
|
|
|
TOTAL (B) |
573.398 |
588.091 |
536.078 |
|
|
|
|
|
|
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|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
52.317 |
40.450 |
42.301 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
20.852 |
20.350 |
20.485 |
|
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|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
31.465 |
20.100 |
21.816 |
|
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|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3.241 |
3.300 |
4.125 |
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|
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|
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|
PROFIT BEFORE
TAX (E-F) (G) |
28.224 |
16.800 |
17.691 |
|
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|
|
|
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Less |
TAX (H) |
8.339 |
5.202 |
4.794 |
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|
PROFIT AFTER TAX
(G-H) (I) |
19.885 |
11.598 |
12.897 |
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|
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|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
47.432 |
51.097 |
53.593 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
2.822 |
1.160 |
1.290 |
|
|
|
Interim and Final Dividend |
2.049 |
2.049 |
2.049 |
|
|
|
Tax on Interim and Final Dividend |
12.054 |
12.054 |
12.054 |
|
|
BALANCE CARRIED
TO THE B/S |
50.392 |
47.432 |
51.097 |
|
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|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
247 |
144 |
160 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.18
|
1.85 |
2.23 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.60
|
2.82 |
3.09 |
|
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|
|
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.39
|
4.31 |
4.44 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.33
|
0.21 |
0.22 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.62
|
4.07 |
4.01 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.47
|
2.12 |
2.03 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
in Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
|
|
|
|
Small Scale Industrial Undertakings |
6.269 |
6.269 |
9.952 |
|
Others |
203.383 |
137.374 |
145.797 |
|
Total |
209.652 |
143.643 |
155.749 |
Review of
Operations:
The company’s Sales turnover for the year was Rs. 673.550 Millions as
against Rs. 681.750 Millions in the previous year. Effective control on
expenditure and taxes helped in earning higher net profits after tax which
stood at Rs. 19.880. Millions as against Rs. 11.590 Millions in the previous
year.
The company continues to strive in its efforts for improving its
performance and is therefore confident of long term business prospects and its
ability to render quality service and products to its customer and simultaneously
sustain fair return to the stakeholders.
HISTORY
The company was
incorporated on 24th August, 1965 at Mumbai in
The Company was
originally incorporated under the name & style of NOPCO (
In 1973, the
company's name was changed to Diamond
Shamrock (
In 1985, when
Diamond Shamrock decided to disinvest from process chemicals business
worldwide, the company changed its collaboration with Henkel KGaA and the
company's name was also changed to HenKel Chemicals (India) Limited.
In 1996, Henkel KGaA signed an agreement to disinvest its holding in favour of Indian
shareholders. The share purchase agreement stands consummated, and w.e.f. 9th
May, 1997 Company’s name has been changed to its present name Auchtel Products Limited
Bankers Charges
Report as per Registry
|
Name of the company |
AUCHTEL PRODUCTS
LIMITED |
|
Presented By |
The Saraswat
Co-op Bank Limited |
|
1) Date and description of instrument creating the change |
Agreement of
Hypothecation of movable property dated 28th August, 1997 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.8.890 Millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
The borrower doth
hereby hypothecated to and in favour of the Bank all the equipment tangible
movable property and every tangible movable property (both present and
future) belonging to the borrower and lying and being at the borrower place of business at 7th
Floor, Poonam Chambers, Dr. A B Road, Worli, or whether else the same may be
kept. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Type of facility
: Term Loan Rate of interests
: 18% p.a. or at such of the rate as may be fixed by the bank from time to time Period : On or
before 28.08.2002 if the sub Basis : 70% |
|
5) Name and Address and description of the person entitled to the charge. |
The Saraswat
Co-operative Bank Limited Central
Administrations Office, |
|
6) Date and brief description of instrument modifying the charge |
NA |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
NA |
Fixed Assets:
- Building and Roads
- Plant and Machinery
- Research and Development Machinery
- Electrical Machinery and Installation
- Furniture, Fixture, Water Coolers and Computer
- Air Conditioners, Water Cooler and Refrigerators
- Laboratory and other Equipments
- Vehicles
- Fire Extinguishers
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.44.93 |
|
|
1 |
Rs.72.09 |
|
Euro |
1 |
Rs.64.21 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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.