MIRA
INFORM REPORT
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Report Date : |
29.03.2011 |
IDENTIFICATION DETAILS
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Name : |
DEMOSHA CHEMICALS PRIVATE LIMITED |
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Registered Office : |
105-A, Mittal Towers, 210, Nariman Point, Mumbai – 400
021, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
27.10.1970 |
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Com. Reg. No.: |
11-14859 |
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CIN No.: [Company
Identification No.] |
U24110MH1970PTC014859 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMD09824D |
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PAN No.: [Permanent
Account No.] |
AAACD3822A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing and |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 330000 |
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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. The company has successful in wiping of the accumulated losses of previous year. Trade relations are 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. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office / Administrative Office : |
105-A, Mittal Towers, 210, Nariman Point, Mumbai – 400
021, |
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Tel. No.: |
91-22-22823558 / 22823588 / 22852189 / 22872218 |
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Fax No.: |
91-22-22045997 |
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E-Mail : |
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Website : |
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Factory 1: |
GIDC Industrial Estate, Gundlav 396 005, |
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Tel. No.: |
91-2632-2632-237271 / 2 / 3 |
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Fax No.: |
91-2632-2632-237277 |
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E-Mail : |
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Factory 2: |
132-136, GIDC Industrial
Area, Post – Gundlav, District Bulsar, |
DIRECTORS
As On 03.09.2010
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Name : |
Mr. Gautam Bhogilal Shah |
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Designation : |
Whole Time Director |
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Address : |
19, 7th Floor, |
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Date of Birth/Age : |
08.01.1946 |
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Date of Appointment : |
01.03.1995 |
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DIN No. : |
00665651 |
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Name : |
Mr. Chinubhai Shantilal Shah |
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Designation : |
Whole Time Director |
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Address : |
903, Chandanbala,
R. R. Thakkar Marg, Mumbai –
400 006, |
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Date of Birth/Age : |
13.12.1937 |
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Date of Appointment : |
01.05.1997 |
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DIN No. : |
00209638 |
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Name : |
Mr. Vijay Monish Parikh |
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Designation : |
Director |
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Address : |
10/C, 5th Floor, |
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Date of Birth/Age : |
09.09.1955 |
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Date of Appointment : |
01.03.1995 |
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DIN No. : |
01556958 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 03.09.2010
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Names of Shareholders |
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No. of Shares |
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Monish Shankerlal Parikh |
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5303 |
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Mahendra Shah |
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10 |
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Jayantilal S Shah |
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2250 |
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Chinubhai S Shah |
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1856 |
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Gautam B Shah |
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12892 |
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Chandrakanta B Shah |
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1200 |
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Ajay M Parikh |
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3900 |
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Vijay Parikh |
|
4584 |
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Geeta G Shah |
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12800 |
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Nilay G Shah |
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12800 |
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Gautam B Shah ( HUF) |
|
9000 |
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Bhogilal Manilal Shah (HUF) |
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9000 |
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Product and Produce |
|
240 |
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Sheelaben C Shah |
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2500 |
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Pushpa I Mehta |
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2000 |
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Monish Shankerlal Parikh ( HUF) |
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6441 |
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Indumati Monish Parikh |
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4300 |
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Heena V Parikh |
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5950 |
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Sonal T Bhuta |
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1000 |
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Isha V Parikh |
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1300 |
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Kamlesh M Shah |
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6556 |
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Sunil M Shah |
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6340 |
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Bharatiben J Shah |
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5776 |
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4700 |
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Ashish C Shah |
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4900 |
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Rikhav V Parikh |
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1300 |
As On 03.09.2010
|
Category |
Percentage |
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Bodies corporate |
5.38 |
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Directors or relatives of Directors |
94.62 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and |
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Products : |
·
Zinc Oxide Feed Grade ·
Zinc Formaldehyde Sulphoxylate ·
Zinc Sulphate Mono Hydrate ·
Zinc Sulphate Hepta Hydrate ·
Sodium Formaldehyde Sulphoxylate ·
Zinc Oxide ·
Zinc Sulphate Mono Hydrate ·
Zinc Sulphate Hepta Hydrate |
PRODUCTION STATUS (As on 31.03.2010)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Sulphoxylates and Hydrosulphites |
MT |
9400 |
7607 |
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Zinc and other related products |
MT |
-- |
5652* |
Note:
* Including 10 M.T. (previous year 335 M.T.) purchased as intermediary
GENERAL INFORMATION
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No. of Employees : |
250 (approximately) |
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Bankers : |
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Facilities : |
Note: Ř Secured against Hypothecation of all tangible moveable properties and assets, present and future, including raw materials, stores, spares, finished goods, book debts. It is also secured by way of First Charge on Fixed Assets of the Company.
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
R P Shah and Company Chartered Accountants |
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Address : |
Office No.35, 3rd Floor, Tardeo, AC Market, Mumbai – 400
034, |
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Pan No.: |
AALPS7669C |
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CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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600000 |
Equity Share |
Rs.100/- Each |
Rs. 60.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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199000 |
Equity Share |
Rs.100/- Each |
Rs. 19.900
Millions |
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Notes:
Of the above shares 32000 Equity Shares are allotted
as fully paid up by way of Bonus Shares by capatalising of reserves.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
19.900 |
19.900 |
19.900 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
63.891 |
45.500 |
45.500 |
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4] (Accumulated Losses) |
0.000 |
(67.556) |
(46.520) |
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NETWORTH |
83.791 |
(2.156) |
18.880 |
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LOAN FUNDS |
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1] Secured Loans |
84.097 |
92.451 |
102.121 |
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2] Unsecured Loans |
142.156 |
126.374 |
109.211 |
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TOTAL BORROWING |
226.253 |
218.825 |
211.332 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
310.044 |
216.669 |
230.212 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
69.216 |
55.918 |
53.644 |
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Capital work-in-progress |
0.239 |
12.399 |
8.357 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
5.628 |
14.754 |
16.260 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
201.467
|
138.807 |
167.632
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Sundry Debtors |
211.145
|
162.919 |
196.280
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Cash & Bank Balances |
11.534
|
14.797 |
12.224
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Other Current Assets |
1.243
|
0.773 |
1.799
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Loans & Advances |
10.694
|
13.874 |
9.475
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Total
Current Assets |
436.083
|
331.170 |
387.410 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
82.952
|
82.560 |
94.396
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Other Current Liabilities |
110.011
|
113.824 |
139.941
|
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Provisions |
8.159
|
1.188 |
1.122
|
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Total
Current Liabilities |
201.122
|
197.572 |
235.459
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Net Current Assets |
234.961
|
133.598 |
151.951
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
310.044 |
216.669 |
230.212 |
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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 |
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Other Income |
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TOTAL (A) |
1149.074 |
909.964 |
988.657 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
983.062 |
879.708 |
996.656 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
166.012 |
30.256 |
(7.999) |
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Less |
FINANCIAL
EXPENSES (D) |
38.363 |
41.855 |
40.466 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
127.649 |
(11.599) |
(48.465) |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
7.775 |
6.613 |
6.004 |
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PROFIT BEFORE
TAX (E-F) (G) |
119.874 |
(18.212) |
(54.469) |
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|
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|
|
|
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Less |
TAX (I) |
28.126 |
1.626 |
(14.161) |
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PROFIT AFTER TAX
(G-I) (J) |
91.748 |
(19.838) |
(40.308) |
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Prior period
adjustments |
0.000 |
(1.197) |
0.000 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(67.555) |
(46.520) |
(6.212) |
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Less |
APPROPRIATIONS |
|
|
|
|
|
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|
Transfer to General Reserve |
4.500 |
0.000 |
0.000 |
|
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Proposed Dividend |
4.975 |
0.000 |
0.000 |
|
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Tax on Proposed Dividend |
0.826 |
0.000 |
0.000 |
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|
BALANCE CARRIED
TO THE B/S |
13.892 |
(67.555) |
(46.520) |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
100.499 |
101.084 |
93.467 |
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TOTAL EARNINGS |
100.499 |
101.084 |
93.467 |
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IMPORTS |
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Raw Materials |
45.674 |
76.475 |
652.707 |
|
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Stores and Spares |
0.310 |
0.040 |
6.202 |
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TOTAL IMPORTS |
45.984 |
76.515 |
658.909 |
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Earnings Per
Share (Rs.) |
461.05 |
NA |
(202.55) |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
7.98
|
(2.18) |
(4.08)
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Return on Total Assets (PBT/Total Assets} |
(%) |
23.72
|
4.70 |
(0.12)
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Return on Investment (ROI) (PBT/Networth) |
|
1.43
|
8.45 |
(2.89)
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Debt Equity Ratio (Total Liability/Networth) |
|
5.10
|
(193.13) |
23.66
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Current Ratio (Current Asset/Current Liability) |
|
2.17
|
1.68 |
1.65
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LOCAL AGENCY FURTHER INFORMATION
PERFORMACE OF THE
COMPANY:
The Company's performance has improved substantially during the year in spite of negative growth in Developed Countries. The improvement in performance since August 2008 was largely due on account of improved demand of the products of the Company and at the same time prices of raw materials, which had shot up in the last year rescinded and stabilised at reasonable rates. The improved performance has continued thereafter for the remaining period in the year and as a result the accumulated losses have been wiped out completely. Sales has gone up from Rs. 815.500 millions to Rs. 1066.200 millions indicating growth of about 30°/o, whereas Profit before Tax has gone upto Rs. 119.900 millions from a Loss of Rs. 18.200 millions. The entire accumulated Loss of Rs. 67.600 millions has been wiped out leaving surplus of Rs. 24.200 millions.
CURRENT YEAR OUTLOOK:
This excellent performance does not seem to be limited to the year 2009-10 but is expected to continue for the coming years. The Sulphoxylate industry is going through a structural change 017 a global scale and the company is better placed in the world scenario and is expected to perform even better in times to come. They have seen needs to expand and have taken appropriate steps to install balancing equipments that will enhance the installed capacity of Sulphoxylates from 9,400 MT to 12,000 IYT. Although Company is taking steps to expand its capacity, recessionary trend in the Developed countries continues, which may, hamper sales improvement in shortterm.
Form 8:
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90232198 |
|
Corporate identity
number of the company |
U24110MH1970PTC014859 |
|
Name of the
company |
DEMOSHA CHEMICALS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
105-A, Mittal Towers, 210, Nariman Point, Mumbai – 400
021, |
|
Type of charge |
Immovable
Property Any interest in
immovable property Book Debts Movable Property
(not being pledge) |
|
Number of charge
holder (s) |
1 |
|
Particular of
charge holder |
Bank of E-Mail: bulsar@bankofbaroda.com |
|
Nature of
description of the instrument creating or modifying the charge |
Hypothecation of
Agreement dated 8th November 2006 Supplemental
Memorandum of Entry date 24th November 2006 |
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Date of
instrument Creating the charge |
08.11.2006 |
|
Amount secured by
the charge |
Rs.52.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
2% over prime
lending rate. Terms of
Repayment: As and when
demand by Bank. Margin: On Stock – 30% On Book debts –
40% On Documents
against payment – 10% On Documents
against acceptance – 20% Extent and
Operation of the charge: The present
charge is being extended for the enhance limit exclusively in favour of the
Bank. |
|
Short particulars
of the property charged |
Stock of raw
materials, stock in process, finished goods, consumable spares and packing
materials, all the book debts present and future. All moveable machinery
including all spares and stores both present and future belonging to the
borrowers premises or godown. Land consisting
of Plot No. 82 and 132-136 bearing revenue Survey Number 145, 146, 155,
197/P, 164/P, 170/P within the village limit of Gundlav in Bulsar Taluka of
District Bulsar admeasuring 18832 and 6583 sq mtrs. respectively. |
|
Date of latest
modification prior to the present modification |
27.09.2001 |
Fixed Assets:
- Land
- Building
- Plant and Machinery
- Equipments, Electric Installation
- Furniture and Fixtures
- Vehicle
AS PER WEB DETAILS:
Profile:
Right from its conception in 1971 subject has started its manufacturing
activities at its plant at Gundlav,
Company is managed by three fulltime directors and qualified
professional executives. Managing Director is having technical background with
Master of Science degree in Chemical Engineering from
Company is part of a group having total Sales of more than Rs. One
Billion in chemicals only. Chemicals are being manufactured at four different
locations and are widely used in pharmaceutical, textile, rubber, cattle feed,
sugar, paper, ceramics, dye, food and Agriculture, etc.
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.44.78 |
|
|
1 |
Rs.71.63 |
|
Euro |
1 |
Rs.62.96 |
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 |
4 |
|
--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 |
|
45 |
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.