%20PRIVATE%20LIMITED%20-%20142562%2020-May-2011_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
|
Report Date : |
20.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
CRODA CHEMICALS ( |
|
|
|
|
Registered Office : |
6, Fort Vijay
Society, 2nd Floor, 1/3 Gola Lane, Fort, Mumbai - 400001,
Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
07.07.1995 |
|
|
|
|
Com. Reg. No.: |
11-117141 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U24100MH1995PTC117141 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMC11626G |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACC9212H |
|
|
|
|
Legal Form : |
Private Limited Liability Company
|
|
|
|
|
Line of Business : |
Manufacturer of Chemicals for
different type of Industries. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 3500000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of Croda International PLC-UK. Profitability of
the company is under pressure. There appears some accumulated losses recorded
by the company. Trade relations are reported as fair. Business is active.
Payments are reported to be usually correct and as per commitments. In view of strong holding company, the subject 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Lokesh |
|
Designation : |
Account Executive
|
LOCATIONS
|
Registered Office : |
6, Fort Vijay
Society, 2nd Floor, 1/3 Gola Lane, Fort, Mumbai-400001,
Maharashtra, India |
|
Tel. No.: |
91-22-2265
8248/2265 0285 / 2265 8249 |
|
Fax No.: |
91-22-2262 2754 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Leased |
|
|
|
|
Sales Office : |
501, |
|
Tel. No.: |
91-22- 2648 2733 |
|
Fax No.: |
91-22- 2648 2744 |
|
|
|
|
Factory/ Head
Office : |
Plot No. 1/1, TTC Industrial
Area, Thane Belapur Road, P O Box 12, Koparkharine, Navi Mumbai – 400 709,
Maharashtra, India |
|
Tel. No.: |
91-22-27787531/30948400/500/600 |
|
Fax No.: |
91-22-27780007 |
|
Email : |
DIRECTORS
As on 03.09.2010
|
Name : |
Mr. Shah Kirit
Sunil |
|
Designation : |
Director |
|
Address : |
21-A, Ocean Gold,
Twin Tower Lane, Prabhadevi – 400025, Mumbai– 400001, Maharashtra, India |
|
Date of Birth/Age : |
29.06.1956 |
|
Date of Appointment : |
24.10.1997 |
|
|
|
|
Name : |
Mr. Christopher G
Nottingham |
|
Designation : |
Director |
|
Address : |
11B, Princess of |
|
Date : |
20.01.1963 |
|
Date of Appointment : |
16.06.2003 |
|
|
|
|
Name : |
Mr. David Edward
Barraclough |
|
Designation : |
Director |
|
Address : |
Sandhill House, |
|
Date of Birth/Age : |
04.08.1954 |
|
Date of Appointment : |
05.01.2007 |
|
|
|
|
Name : |
Mr. Rupark Chandi
Saraswat |
|
Designation : |
Director |
|
Address : |
3 A, Anweshan,
ICI Housing Plot No. 110, Lane B, Sector - 8, Vashi, Navi Mumbai- 400 703,
Maharashtra, India |
|
Date of Birth/Age : |
19.02.1972 |
|
Date of Appointment : |
26.09.2007 |
|
|
|
|
Name : |
Mr. Annoottam
Ajit Ghosh |
|
Designation : |
Director |
|
Address: |
1503 |
|
Date of Birth/Age : |
27.12.1952 |
|
Date of Appointment : |
05.01.2007 |
|
|
|
|
Name : |
Mr. Ritesh
Gordhandas Tanna |
|
Designation : |
Director |
|
Address: |
704 Mayflower
Hiranandani Meadows Gladys Alwarys Road, off Pokhran No.2. Thane400610 West, |
|
Date of Birth/Age : |
11.03.1974 |
|
Date of Appointment : |
22.01.2008 |
KEY EXECUTIVES
|
Name : |
Mr. Lokesh |
|
Designation : |
Account Executive
|
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 03.09.2010
|
Names of Shareholders (Equity Share Holder) |
|
No. of Shares |
|
Shah Kirit Sunil |
|
10 |
|
Croda International PLC, |
|
1446467 |
|
Total |
|
1446477 |
|
Names of Shareholders (Preference Share Holder) |
|
No. of Shares |
|
Croda International PLC, |
|
700 |
|
Total |
|
700 |
|
Names of Shareholders (Debenture Holder) |
|
No. of Shares |
|
Croda International PLC, |
|
1400 |
|
Total |
|
1400 |
As on 03.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Chemicals for different
type of Industries. |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS (As on 31.03.2010)
|
Particulars |
|
Unit |
Installed
Capacity |
Actual
Production |
|
Specialty Chemicals |
|
Tonnes |
@ |
16288 |
Note: @ Dependent on the product Mix
GENERAL INFORMATION
|
Bankers : |
|
|
|
|
|
Banking
Relations : |
- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountant |
|
Address : |
252, Veer Savarkar Marg, |
|
|
|
|
Holding Company: |
Croda International
PLC, |
|
|
|
|
Associates/Subsidiaries : |
·
Croda
Europe Limited ·
Croda
Netherlands B. V. (Formerly know as Uniqema B. V., ·
Croda
Inc. ·
Croda
·
Croda
·
Croda
Trading ( ·
Croda
Hong Kong Company limited ·
Croda
Woodbang Company Limited, Korea ·
PT
Croda Indonesia Limited ·
Croda
Chemicals Internationals Limited, ·
Croda
Specialities Malasya Sdh. Bhd, Malasia ·
Croda
(SA) Pty. Limited, ·
Croda
Argentina SA ·
Croda
·
·
·
John
L, Seatons and Company Limited, ·
Croda
·
Croda
( |
CAPITAL STRUCTURE
As on 03.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1800000 |
Equity Shares |
Rs.10/- each |
Rs.18.000 millions |
|
700 |
Preference Shares |
Rs.1000000/- Each |
Rs.700.000 millions |
|
|
Total |
|
Rs.718.000
millions |
NOTE:
During the year the Authorised capital of the company
has been increased to Rs.218.000 millions by creating 700 (1%) Non Cumulative
redeemable preference shares of Rs.1.000 million Each Pursuant to a Resolution
approved by the shareholders at their extra – ordinary General Meting held on
22.03.2010
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1446477 |
Equity Shares |
Rs.10/- each |
Rs.14.465 millions |
|
700 |
Preference Shares |
Rs.1000000/- Each |
Rs.700.000 millions |
|
|
Total |
|
Rs.714.465 millions |
1.
During the year 700(1%)
non cumulative redeemable preference shares of Rs.1.000/- each fully paid up
aggregating Rs.700.000 millions were allotted to Croda International Plc, UK,
the Holding Company Pursuant to a Resolution
approved by the Board of Directors at their meeting held on 25.03.2010
2.
Of the above 1446477
equity shares of Rs.10/- each are held by Croda International Plc, UK, the
Holding Company and its nominee and 700 Non
Cumulative redeemable preference shares of Rs.1.000 millions each are held by
Croda International Plc, UK, 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 |
714.465 |
14.464 |
14.464 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
790.000 |
790.000 |
790.000 |
|
|
4] (Accumulated Losses) |
(641.767) |
(563.556) |
(291.656) |
|
|
NETWORTH |
862.698 |
240.908 |
512.808 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
46.564 |
|
|
2] Unsecured Loans |
1409.014 |
2109.669 |
2129.006 |
|
|
TOTAL BORROWING |
1409.014 |
2109.669 |
2175.570 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2271.712 |
2350.577 |
2688.378 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1624.094 |
1868.376 |
2228.190 |
|
|
Capital work-in-progress |
30.408 |
61.481 |
39.371 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
214.644
|
178.881
|
190.294 |
|
|
Sundry Debtors |
328.073
|
275.296
|
314.762 |
|
|
Cash & Bank Balances |
373.591
|
220.751
|
152.880 |
|
|
Other Current Assets |
3.629
|
0.198
|
0.478 |
|
|
Loans & Advances |
61.700
|
53.472
|
57.636 |
|
Total
Current Assets |
981.637
|
728.598
|
716.050 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
259.952
|
269.956
|
238.186 |
|
|
Other Current Liabilities |
84.389
|
18.538
|
39.122 |
|
|
Provisions |
20.086
|
19.384
|
17.924 |
|
Total
Current Liabilities |
364.427
|
307.878
|
295.233 |
|
|
Net Current Assets |
617.210
|
420.720
|
420.817 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2271.712 |
2350.577 |
2688.378 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
TOTAL (A) |
1965.100 |
1748.700 |
1594.300 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL (B) |
1472.400 |
1449.400 |
768.400 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
492.700 |
299.300 |
725.900 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
139.000 |
143.400 |
147.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
353.700 |
155.900 |
678.500 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
431.900 |
426.000 |
423.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(78.200) |
(270.100) |
254.600 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
1.800 |
1.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(78.200) |
(271.900) |
(256.500) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(563.600) |
(291.700) |
(40.000) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(641.800) |
(563.600) |
(291.700) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
130.628 |
89.458 |
63.368 |
|
|
|
Commission Earnings |
25.466 |
22.178 |
19.070 |
|
|
TOTAL EARNINGS |
156.094 |
111.636 |
82.438 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
266.460 |
281.501 |
259.196 |
|
|
|
Traded Goods |
140.124 |
142.569 |
89.194 |
|
|
|
Capital Goods |
4.957 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
411.541 |
424.070 |
348.390 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(54.07) |
(187.97) |
(177.33) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(3.98)
|
(15.55)
|
(16.09) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(3.00)
|
(10.40)
|
(8.65) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.09)
|
(1.12)
|
(0.50) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.06
|
10.03
|
4.82 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.69
|
2.37
|
2.42 |
LOCAL AGENCY FURTHER INFORMATION
Contingent Liability:
|
Particular |
As on 31.03.2010 (Rs. In Millions) |
As on 31.03.2009 (Rs. In Millions) |
|
Outstanding Bank Guarantees |
0.760 |
0.390 |
|
Bond executed in favour of service provides |
1.095 |
7.729 |
|
Total |
1.855 |
8.119 |
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U24100MH1995PTC117141 |
|
Name of the
company |
CRODA CHEMICALS ( |
|
Address of the
registered office or of the principal place of business in |
6, Fort Vijay
Society, 2nd Floor, 1/3 Gola Lane, Fort, Mumbai-400001,
Maharashtra, India |
|
Type of charge |
Book Debts Others |
|
Number of charge
holder (s) |
1 |
|
Particular of
charge holder |
The Hongkong and
Shanghai Banking Corporation Limited, 52/60, |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
Agreement of
Hypothecation of Stocks & Book Debts executed on 20th June,2008 |
|
Date of
instrument Creating the charge |
20.06.2008 |
|
Amount secured by
the charge |
Rs.120.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest shall be
payable by the Company on the banking facilities as per Bank’s tariff,
subject however that the Bank shall have the right to change the rate of
interest after giving notice to the Company. Terms of
Repayment On Demand or as per Bank's Sanction Letter
under Ref. No. BOM 081034 Dated 17th April, 2008 and as amended from time to
time Margin The Company shall
maintain such Margin as may be specified by the bank from time to time Extent and
Operation of the charge In case the Company
fails to fulfill its obligations under the Agreement, the Bank shall be
entitled to take possession of the hypothecated assets and sell them by
public auction or private contract and utilize the proceeds in full or part
settlement of its claims The Said Charge
will rank pari passu with credit facilities for working capital granted to
the company by Axis Bank Limited. |
|
Short particulars
of the property charged |
Pari Passu First
Charge on Stock and the present and future Book debts and monies receivable
lying at company's premises or else where, claims due and owing to the
Company in the course of its business |
FIXED
ASSETS:
·
Office
Equipment
·
Furniture
·
Computer
and Laptops etc
·
Fax
Machine
·
Paper
Shredder Machine
·
Xerox
Machine
·
Mobile
Phone
AS PER WEB DETAILS:
Profile:
Croda
manufacturing facility in
Croda
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.44.98 |
|
|
1 |
Rs.72.68 |
|
Euro |
1 |
Rs.64.16 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
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.