MIRA
INFORM REPORT
|
Report Date : |
05.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
EMICHEM PRIVATE LIMITED |
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Registered Office : |
7, |
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Country : |
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Financials (as on) : |
31.03.2009 |
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Date of Incorporation : |
02.05.1997 |
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Com. Reg. No.: |
21-84194 |
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CIN No.: [Company
Identification No.] |
U24119WB1997PTC084194 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALE01247B |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Various Dyes and Pigments. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 21000 |
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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 record. Profitability of the company appears to be low.
Trade relations are reported as fair. Business is active. Payments are
reported to be slow. The company can be considered for business dealing with some
conditions. |
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 : |
7, |
|
Tel. No.: |
91-33-22714402/22725372 |
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Fax No.: |
91-33-22699616 |
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E-Mail : |
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Website : |
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Area : |
500sq.fts |
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Location : |
Owned |
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Factory : |
Jalan Industrial Estate , Near Saraswati Bridge, Village Baniyara, Jangalpur,
National Highway No- 6, P>S- Domjur, Howrah711 411 |
|
Tel. No.: |
91-33-64506756 |
DIRECTORS
As on 28.08.2009
|
Name : |
Mr. Binoy Kejriwal |
|
Designation : |
Director |
|
Address : |
Harbour Heights 35/1, |
|
Date of Birth/Age : |
29.11.1970 |
|
Date of Appointment : |
02.05.1997 |
|
|
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|
Name : |
Mrs. Purnima Kejriwal |
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Designation : |
Director |
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Address : |
C/O M/S Kamal Gudakhu Factory, Chakradharpur, West Singhbhum-833 102, |
|
Date of Birth/Age : |
14.01.1947 |
|
Date of Appointment : |
02.05.1997 |
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|
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|
Name : |
Mrs. Lata Kejriwal |
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Designation : |
Director |
|
Address : |
C/O M/S Kamal Gudakhu Factory, Chakradharpur, West Singhbhum-833 102, |
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Date of Birth/Age : |
22.12.1961 |
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Date of Appointment : |
02.05.1997 |
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Name : |
Mrs. Nupur Kejriwal |
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Designation : |
Director |
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Address : |
Harbour Heights 35/1, |
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Date of Birth/Age : |
16.10.1973 |
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Date of Appointment : |
12.05.1999 |
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|
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Name : |
Mr Kamalendu Kejriwal |
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Designation : |
Director |
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Address : |
C/O M/S Kamal Gudakhu Factory, Chakradharpur, West Singhbhum-833 102, |
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Date of Birth/Age : |
04.01.1962 |
|
Date of Appointment : |
01.07.2003 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.08.2009
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Binoy Kejriwal |
|
78600 |
|
Mrs. Lata Kejriwal |
|
45100 |
|
Mr. Bijoy Kumar Agarwal |
|
1100 |
|
Mrs. Purnima Kejriwal |
|
30100 |
|
Mr Kamalendu Kejriwal |
|
35500 |
|
Mr. Sanwarmal Kejriwal |
|
24600 |
|
Mr. Sanwarmal Kejriwal(HUF) |
|
46000 |
|
Mrs. Nupur Kejriwal |
|
115000 |
|
Mr. Omprakash Kejriwal (HUF) |
|
30000 |
|
Mrs. Manju Surekha |
|
100 |
|
Mr. Pawan Kumar Surekha |
|
100 |
|
Mr. Pawan Kumar Surekha (HUF) |
|
100 |
|
Mr. Parmeshwar Lal Surekha |
|
100 |
|
Mr. Satish Goenka |
|
100 |
|
Mr. Vijay Kumar Jhunjhunwala |
|
100 |
|
Total |
|
406600 |
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Various Dyes and Pigments. |
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Exports : |
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Products : |
Dyes and Pigments |
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Countries : |
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Customers : |
Manufacturer |
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Employees : |
65 (In office 20 + In factory 45) |
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Bankers : |
Vijaya Bank, Overseas Branch, 125/1, Park street, Kolkata- 700 017,
west |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Azad Agrawalla and Company Chartered Accountant |
|
Address : |
13, Crooked Lane, Room No. 403, Kolkata- 700 069, |
|
Tel. No.: |
91-33-22488617 |
CAPITAL STRUCTURE
AS ON 31.03.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
406600 |
Equity Shares |
Rs.10/- each |
Rs. 4.066 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars |
|
|
31.03.2010 |
|
Sales Turnover (Approximately) |
|
|
60.000 |
Expected Sales (2010-2011) : Rs.70.000 Millions
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
4.066 |
4.066 |
4.066 |
|
|
2] Share Application Money |
0.000
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.963 |
0.657 |
0.420 |
|
|
4] (Accumulated Losses) |
0.000
|
0.000 |
0.000 |
|
|
NETWORTH |
5.029 |
4.723 |
4.486 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
3.717 |
5.215 |
0.390 |
|
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2] Unsecured Loans |
2.978 |
3.234 |
3.852 |
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TOTAL BORROWING |
6.695 |
8.449 |
4.242 |
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DEFERRED TAX LIABILITIES |
0.254 |
0.286 |
0.324 |
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TOTAL |
11.978 |
13.458 |
9.052 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4.922 |
5.108 |
5.165 |
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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 |
0.000
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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Inventories |
0.814
|
1.532 |
0.145 |
|
|
Sundry Debtors |
5.262
|
7.139 |
1.717 |
|
|
Cash & Bank Balances |
3.031
|
2.440 |
1.677 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
2.828
|
2.236 |
2.428 |
|
Total
Current Assets |
11.935
|
13.347 |
5.967 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
3.636
|
4.287 |
1.726 |
|
|
Other Current Liabilities |
0.637
|
0.362 |
0.217 |
|
|
Provisions |
0.606
|
0.348 |
0.140 |
|
Total
Current Liabilities |
4.879
|
4.997 |
2.083 |
|
|
Net Current Assets |
7.056
|
8.350 |
3.884 |
|
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.003 |
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|
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TOTAL |
11.978 |
13.458 |
9.052 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
|
SALES |
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|
|
|
|
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TOTAL |
50.273 |
31.312 |
23.724 |
|
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|
Less |
EXPENSES |
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|
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|
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TOTAL |
NA |
NA |
NA |
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PROFIT BEFORE
TAX |
0.594 |
0.387 |
0.332 |
|
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|
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Less |
TAX |
0.287 |
0.185 |
0.068 |
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PROFIT AFTER TAX
|
0.307 |
0.202 |
0.264 |
|
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|
|
|
Earnings Per
Share (Rs.) |
0.75 |
0.50 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.52
|
2.10 |
2.98 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.08 |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.30
|
2.85 |
4.41 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.45
|
2.67 |
2.86 |
LOCAL AGENCY FURTHER INFORMATION
Financial
Analysis:-
During the year, the company has done exceedingly well. It has achieved
a Total Turnover of Rs. 50.273 millions out of which only export Turnover was 46.848
millions. the company has earned a pre-tax profit of Rs.0.594 millions. However
after providing Rs.0.215 millions for Income Tax and Rs.0.073 millions for
Fringed Benefit tax. The Balance together with brought forward balance has been
transferred to the Balance Sheet.
Bankers Charges
Report as per Registry
|
Name of the company |
EMICHEM PRIVATE LIMITED |
|
Presented By |
Vijaya Bank,
Overseas Bank, Kolkata |
|
1) Date and description of instrument creating the change |
05.12.2005 Memorandum recording
deposit of Title Deed. Letter of
Hypothecation (FDBP/FUDBP Loan facility) |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.2.500 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 |
Alll that piece
and parcel of the Land measuring 1 acre 50 satak or 4.55 bighas used for
factory purpose comprising of Land, Building, Factory shed Located at Jalan
Industrial Complex, Baniara, P.S.- Domjur, Howrah- 711 411 |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest:
7.50 % p.a. Addl. Interest: 2% p.a. Terms of
repayment : facility for 1 year upto 18.09.2006 |
|
5) Name and Address and description of the person entitled to the charge. |
Vijaya Bank, Overseas Branch, 125/1, Park street, Kolkata- 700 017,
west |
|
This form is for |
Modification of
charge |
|
Charge identification
number of the modified |
80028261 |
|
Corporate
identity number of the company |
U24119WB1997PTC084194 |
|
Name of the
company |
EMICHEM PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
7, |
|
Type of charge |
Book Debts Movable Property |
|
Particular of
charge holder |
Vijaya Bank, Overseas Branch, 125/1, Park street, Kolkata- 700 017,
west |
|
Nature of
description of the instrument creating or modifying the charge |
1. Hypothecation Agreement 2. Supplementary Agreement 3. Agreement Extent Charge on Movable Property 4. Packing Credit Agreement |
|
Date of instrument
Creating the charge |
11.10.2008 |
|
Amount secured by
the charge |
Rs.9.500 millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Pre-shipment
Credit: @ Bank's BPLR - 3.50%
up to 180 days and beyond 180 days up to 270 days up to 270 days @BPLR - 1%. Post-shipment
Credit:- Against D. P.
Bills - Rupee Credit: For transit
period @ Bank's BPLR-3.50% and beyond transit period @BPLR+2% Against Usance
Bills - Rupee Credit: @ Bank's
BPLR-3.50% up to 90 days, beyond 90 days up to six months @ BPLR-1% and
beyond six months@BPLR+2% Commission- As
per Bank's rule framed from time to time. The present BPLR
being 13.50% Terms of
Repayment The Credit
facility sanctioned for one year subject to annual review and payable on
demand. Margin Pre-shipment
Credit-Rupee Credit - 25% on paid and marketable stock of exportable items. Post-shipment
Credit - NIL Extent and
Operation of the charge Exclusive first charge
on the assets hypothecated or charged to the Bank. Others Other terms and
conditions , convenient and undertaking etc. contained in principal agreement
and save as modified by time to time and by these present are remained in
full force. Sub-Limit of
FDBP/FUDBP (LC) against order within the total FDBP/FUDBP (LC Limit of
RS.6.000 millions. |
|
Short particulars
of the property charged |
EMTD of Land
& Building with factory shed located at Jalan Industrial complex,
Baniara, P. S.- Domjur, Dist;- Hypothecation of
stock in trade of chemical and dyes etc. meant for export and also any other
goods and other tangible movable properties stored at company's factory
premises or godown or in transit or stored at anywhere belonging to the Company. Hypothecation of
Export Bills drawn against LCs / Confirmed order on sight basis only and
covered under WTPSG of ECGCI Ltd. |
|
Date of latest
modification prior to the present modification |
29.03.2007 |
|
Particulars of
the present modification |
By this
modification the overall credit limits has been increased to Rs.9.500
millions from the existing credit limits of Rs.6.000millions. The revised
credit facilities are given as under : Packing Credit
Limit- Rs.3.500 millions FDBP/FUDBP (LC) - Rs.6. 000 Millions (Sub-Limit
against the Order- (Rs.5.000 millions) Total -
Rs.9.500 millions |
|
Corporate
identity number of the company |
U24119WB1997PTC084194 |
|
Name of the
company |
EMICHEM PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
7, |
|
This form is for |
Modification of
charge |
|
Type of charge |
Immovable
Property Movable Property |
|
Particular of
charge holder |
VIJAYA BANK |
|
Nature of
Instrument Creating Charge |
Supplementary
Agreements Memorandum
Recording Deposit Of Title Deed As Continuing Security. |
|
Date of
instrument Creating the charge |
08/02/2010 |
|
Amount secured by
the charge |
Rs.9.500 Millions
|
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest BPLR- 2.50% i.e.
9.75% P.A. (Floating) Compounded Monthly Terms of
Repayment Facility For A
Period Of One Year. To Be Renewed Or Reviewed On Or Before 21.12.2010 Margin 25% on paid and
marketable stock of exportable Items Extent and
Operation of the charge The Charge By Way
Of Hypothecation/Mortgage Of The Assets Of The Borrower Effected Under The First
Agreement As Modified By The Supplementary Agreement Will Now Extend To Cover
The Entire Renewed Limit. |
|
Short particulars
of the property charged |
Hypothecation of
Stock In Trade of Chemicals And Dyes Meant For Export Credit Guarantee Corporation
of India Limited Land Measuring 1 Acre 50 Satak or 4.55 Bighas Used For
Factory Purpose Comprising of Land And Building, Factory Shed Located At
Jalan Industrial Complex, Domjur, Howrah As Continuing Security |
|
Date of
instrument modifying the charge |
11/10/2008 |
|
Particulars of
the present modification |
By The Execution
of This Agreements, The Packing Credit Limit Enhanced From Rs.350.000
Millions To Rs.500.000 Millions And Fdbp/Fudbp Loan Facility Reduced From
Rs.600.000 Millions To Rs.450.000 Millions. Overall Limit of Rs950.000
Millions Remaining Unchanged. |
TRADE REFERENCES:
- Mimaki
Engineering Company Limited,
- OCS GMBH,
FIXED ASSETS:-
v Land
v Factory shed and Building
v Plant and Machinery
v Furniture and Fixture
v Weighing Scale
v Tube Well
v Motor Car
v Office Equipment
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 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.44.99 |
|
|
1 |
Rs.73.23 |
|
Euro |
1 |
Rs.62.80 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
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.