MIRA
INFORM REPORT
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Report Date : |
18.03.2011 |
IDENTIFICATION DETAILS
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Name : |
KEMINOVA INDIA CHEMICALS PRIVATE LIMITED |
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Registered
Office : |
L/13, Kasturi Industrial Estate, Goddeo, Bhayander (East),
Thane-401105, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
21.02.2005 |
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Com. Reg. No.: |
11-151453 |
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CIN No.: [Company Identification
No.] |
U24100MH2005PTC151453 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer, Supplier and Trader of dyes, Pharmaceutical Raw
Materials and Hydrazine Product |
RATING & COMMENTS
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MIRA’s Rating : |
B (30) |
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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 5600 |
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Status : |
Moderate |
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Payment Behavior : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track Profitability
of the company appears to be low. However,
trade relations are fair. Business is active payments are reported to be slow
but correct. The company can be considered 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.
ECGC Country Risk Classification List – April 1, 2010
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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 |
INFORMATION PARTED BY
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Name : |
Mr. Satish Dwivedi |
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Designation : |
Accounts Manager |
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Contact No.: |
91-22-28192813 |
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Date : |
14.03.2011 |
LOCATIONS
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Registered Office : |
L/13, Kasturi Industrial Estate, Goddeo, Bhayander (East), Thane-401105,
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Tel. No.: |
91-22-281922813 |
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Mobile No.: |
91-9833420090 (Mr. Jitendra dwivedi) |
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Fax No.: |
91-22-28184473 / 67045504 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory office: |
C-1-74/2, Sincholi Midc,
Solapur – 443003, |
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Tel. No.: |
91-217-32357433 |
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Location : |
Owned |
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DIRECTORS
As on : 30.09.2010
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Name : |
Mr. Vijay Narayan Narsingh Dwivedi |
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Designation : |
Director |
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Address : |
101 B-Sita Vihar, Phatak road
Bhayandar Thane-401105, |
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Din no : |
00162185 |
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Date of Birth/Age : |
01.01.1952 |
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Qualification : |
Bsc |
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Experience : |
25 years |
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Date of Appointment : |
21.02.2005 |
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Name : |
Mr. Nirmala Vijay Dwivedi |
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Designation : |
Director |
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Address : |
101 B-Sita Vihar, Phatak road Bhayandar
Thane-401105, |
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Din no : |
006162218 |
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Date of Birth/Age : |
23.09.1953 |
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Date of Appointment : |
21.02.2005 |
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Name : |
Mr. Nirmala Vijay Dwivedi |
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Designation : |
Director |
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Address : |
201,Sai Karishma Tiwer 2nd Floor, Karishma Road Mira Road
(E), Thane-401105, Maharashtra, India |
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Qualification : |
B.com |
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Experience : |
10 years |
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Date of Appointment : |
21.02.2005 |
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Name : |
Mr. Satish Vijay Dwivedi |
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Designation : |
Director |
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Address : |
201,Sai Karishma Tiwer 2nd Floor, |
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Date of Appointment : |
21.02.2005 |
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Name : |
Mr. Vijay Jitendra Dwivedi |
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Designation : |
Director |
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Address : |
201,Sai Karishma Tiwer 2nd Floor, Karishma Road Mira Road
(E), Thane-401105, Maharashtra, India |
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Date of Appointment : |
21.02.2005 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on : 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Ashok Kumar Dube |
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2500 |
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Avadha Bihari Dube |
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2500 |
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Jwalaprasad Dube |
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10000 |
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Vinod Dube |
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2500 |
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Jitendra Vijay Dwivedi |
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17500 |
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Mishra B D |
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2500 |
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Nirmala Vijay Dwivedi |
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22500 |
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Gomti Pandhe |
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1000 |
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Satish Vijay Dwivedi |
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17500 |
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Hari Bans Tiwari |
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2500 |
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Harshnath Tiwari |
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2500 |
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Hemant Tiwari |
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1000 |
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Rekha Tiwari |
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3000 |
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Vijay Narayan Dwivedi |
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32500 |
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Total |
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120000 |
As on : 30.09.2010
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Category |
Percentage |
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Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
0.00 |
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Bodies corporate |
75.00 |
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Directors or relatives of Directors |
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Other top fifty shareholders |
25.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Supplier and Trader of dyes, Pharmaceutical Raw
Materials and Hydrazine Product |
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Terms : |
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Purchasing : |
Credit (30 – 45 days) |
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GENERAL INFORMATION
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Customers : |
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No. of Employees : |
30 (Approximately) (In Office 5 and In Factory 25) |
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Bankers : |
Syndicate Bank, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Umesh V. Mishra and Associates Chartered Accountant |
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Address : |
95, |
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CAPITAL STRUCTURE
As on : 31.12.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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120000 |
Equity shares |
Rs.10/- each |
Rs. 1.200 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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120000 |
Equity shares |
Rs.10/- each
|
Rs.1.200
millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2008 |
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1.200 |
1.200 |
1.200 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus
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0.200 |
0.065 |
0.029 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1.400 |
1.265 |
1.229 |
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LOAN FUNDS |
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1] Secured Loans |
1.121 |
1.684 |
0.000 |
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2] Unsecured Loans |
1.872 |
2.166 |
3.337 |
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TOTAL BORROWING |
2.993 |
3.850 |
3.337 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.214 |
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TOTAL |
4.393 |
5.115 |
4.780 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.586 |
1.958 |
3.980 |
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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 |
0.291 |
1.298 |
2.289 |
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Sundry Debtors |
2.235
|
2.883 |
3.495 |
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Cash & Bank Balances |
2.371
|
0.505 |
0.000 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
3.355
|
1.691 |
0.150 |
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Total
Current Assets |
8.252
|
6.377 |
5.934 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Other Current Liabilities |
5.342
|
3.170 |
5.064 |
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Provisions |
0.115
|
0.068 |
0.091 |
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Total
Current Liabilities |
5.457
|
3.238 |
5.155 |
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Net Current Assets |
2.795
|
3.139 |
0.779 |
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MISCELLANEOUS EXPENSES |
0.012 |
0.018 |
0.021 |
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TOTAL |
4.393 |
5.115 |
4.780 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
8.838 |
11.336 |
12.739 |
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Other Income |
1.385 |
0.000 |
0.002 |
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TOTAL (A) |
10.223 |
11.336 |
12.741 |
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Less |
EXPENSES |
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Manufacturing Expenses |
1.103 |
1.706 |
1.843 |
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Material Consumed |
7.182 |
8.223 |
9.474 |
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Operation and Establishment expenses |
1.405 |
1.015 |
0.920 |
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Interest on Vat tax |
0.000 |
0.004 |
0.000 |
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TOTAL (B) |
9.690 |
10.948 |
12.152 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
0.533 |
0.388 |
0.589 |
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Less |
FINANCIAL
EXPENSES (D) |
0.129 |
0.096 |
0.020 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
0.404 |
0.292 |
0.569 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.198 |
0.224 |
0.502 |
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PROFIT BEFORE
TAX (E-F) (G) |
0.206 |
0.068 |
0.067 |
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Less |
TAX (I) |
0.072 |
0.032 |
0.038 |
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PROFIT AFTER TAX
(G-I) (J) |
0.134 |
0.036 |
0.029 |
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Earnings Per
Share (Rs.) |
1.11 |
0.30 |
0.24 |
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Expected Sales (2010-2011) : Rs. 50.000 millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.31
|
0.31 |
0.22 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.33
|
0.59 |
0.52 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.09
|
0.81 |
0.67 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.14
|
0.05 |
0.05 |
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Debt Equity Ratio (Total Liability/Networth) |
|
6.03
|
5.60 |
6.90 |
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Current Ratio (Current Asset/Current Liability) |
|
1.51
|
1.96 |
1.15 |
LOCAL AGENCY FURTHER INFORMATION
Financial Result :
The Net total income has been 10.200 millions and the net profit after
tax has been 0.134.Millions. The directors have sincere confidence to perform
well in the year to come and to have control on expenses.
Trade References :
- Dr. Reddy’s
Laboratories
- Cadila
Pharmaceuticals
Form : 8
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10118668 |
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Corporate
identity number of the company |
U24100MH2005PTC151453 |
|
Name of the
company |
KEMINOVA INDIA
CHEMICALS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
L/13 Thane,
Maharashtra – 401105, |
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Type of charge |
Immovable
Property Movable Property
(not being pledge) |
|
Particular of
charge holder |
Syndicate Bank,
|
|
Nature of
description of the instrument creating or modifying the charge |
Composite
Hypothecation Agreement In Favour Of Syndicate Bank, |
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Date of
instrument Creating the charge |
22.07.2008 |
|
Amount secured by
the charge |
Rs. 2.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
: PLR + 1% i.e.
Presently 14.50% Terms of
Repayment : Term loan of
1.000 Millions will be repaid in 60 equal monthly installment of Rs.
23.530/-. And cash credit of 1.000 millions will be renewable each and every
year. Margin : Margin 30% Extent and
operation of the charge: Charge will be
operated till the repayment of loan in full and interest and charges thereon. Others: Nil |
|
Short particulars
of the property charged |
Land Situated At
Plot No C-174/2 Chincholi Midc Area, Solapur As Mentioned In The mortgage
deed as a secondary security. And stock of dyes, intermediate pharmaceuticals
raw materials and laboratory regents etc. |
|
Particulars of
the present modification |
Earlier the
simple mortgage deed covered the land situated at plot no c-174/2 chincholi
midc area, solapur and by this composite hypothecation agreement it also
covers stock of goods, raw materials, intermediate products |
Fixed Assets
- Plot
- Plant and
Machineries
- Generator
- Water pump
Set
- Inventor
- Mobile hand
set
- Vehicles(
Hera Honda)
- Air Cooler
- Boiler
- furniture
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. 45.09 |
|
|
1 |
Rs. 72.82 |
|
Euro |
1 |
Rs. 63.43 |
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 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
|
30 |
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.