MIRA
INFORM REPORT
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Report Date : |
02.09.2011 |
IDENTIFICATION DETAILS
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Name : |
PON PURE CHEM PRIVATE LIMITED (w.e.f. 26.06.2008) |
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Formerly Known
As : |
PURE CHEMICALS AND SOLVENT PRIVATE LIMITED |
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Registered
Office : |
No.77, Perambur High Road, Perambur, Chennai-600012, Tamil Nadu |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
24.07.1998 |
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Com. Reg. No.: |
18-040872 |
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Capital Investment
/ Paid-up Capital : |
Rs. 36.752 Millions |
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CIN No.: [Company Identification
No.] |
U24111TN1998PTC040872 |
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TIN No.: |
33241061285 |
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CST No.: |
774396 / 19.09.2001 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trading in various kinds of chemicals. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (50) |
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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 2300000 |
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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 a well established company having satisfactory track. The
company is doing well. Trade relations are reported as 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
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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 |
LOCATIONS
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Registered Office : |
No.77, Perambur High Road, Perambur, Chennai-600012, Tamil Nadu, India |
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Tel. No.: |
91-44-26161812 |
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Fax No.: |
91-44-26161813 |
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E-Mail : |
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Website : |
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Administrative Office : |
No. 32, H Block, 15th Main Road, Anna Nagar,
Chennai-600040, Tamil Nadu, India |
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Tel. No.: |
91-44-26161803 / 26161811 (9 lines) |
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Fax No.: |
91-44-26161813 /14 |
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E-Mail : |
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Branch Office : |
Unit No 129, creative Industrial Estate, Sunder Nagar, Road No 2,
Kalina, Santacruz (East), Mumbai-400098, Maharashtra, India |
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Tel. No.: |
91-22-26664729 |
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E-Mail : |
DIRECTORS
AS ON 16.08.2010
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Name : |
Mr. Muthuswamy Ponnuswami Palaniappan |
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Designation : |
Managing Director |
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Address : |
AA23, 3rd Street, Anna Nagar, Chennai-600040, Tamil Nadu,
India |
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Date of Birth/Age : |
08.10.1954 |
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Date of Appointment : |
24.07.1998 |
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DIN No : |
00015847 |
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Name : |
Mr. Manaoranjitham Nallayagounder Kaliannan |
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Designation : |
Director |
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Address : |
AA23, 3rd Street, Anna Nagar, Chennai-600040, Tamil Nadu,
India |
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Date of Birth/Age : |
15.06.1961 |
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Date of Appointment : |
24.07.1998 |
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DIN No : |
00016775 |
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Name : |
Mr. P. Suryaprakas |
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Designation : |
Director |
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Address : |
AA23, 3rd Street, Anna Nagar, Chennai-600040, Tamil Nadu,
India |
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Date of Birth/Age : |
21.12.1980 |
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Date of Appointment : |
01.04.2008 |
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DIN No : |
00017891 |
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Name : |
Mr. P. Lakshmipathy |
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Designation : |
Director |
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Address : |
AA23, 3rd Street, Anna Nagar, Chennai-600040, Tamil Nadu,
India |
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Date of Birth/Age : |
25.09.1982 |
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Date of Appointment : |
01.04.2008 |
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DIN No : |
00021951 |
KEY EXECUTIVES
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Name : |
Mr. Khusboo Singhvi |
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Designation : |
Secretary |
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Address : |
Old No. 30, New No. 6, Govindappa Naicken Street, 3rd Floor,
Girnar Apartments, Chennai-600001, Tamil Nadu, India |
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Date of Birth/Age : |
24.09.1985 |
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Date of Appointment : |
01.06.2010 |
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PAN No.: |
CMRPS2646R |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 16.08.2010
|
Names of Shareholders |
No. of Shares |
|
Muthuswamy Ponnuswami Palaniappan |
243937 |
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Manaoranjitham Nallayagounder Kaliannan |
45075 |
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P. Suryaprakas |
16700 |
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P. Lakshmipathy |
16700 |
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Muthuswamy Ponnuswami Palaniappan HUF |
45110 |
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S Nithyasree |
2 |
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Total |
367524 |
AS ON 16.08.2011
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Names of Allotees |
No. of Shares |
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M. Ponnuswami |
300000 |
AS ON 16.08.2010
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Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trading in various kinds of Chemicals. |
GENERAL INFORMATION
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Bankers : |
·
Standard Chartered Bank, 19, Rajaji Salai,
Chennai-600001, Tamil Nadu, India ·
IDBI Bank Limited, 115, Anna Salai, Chennai-
600015, Tamil Nadu, India |
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Facilities : |
Notes: Term Loan from Banks Includes: (a)
Term loan from Axis Bank which is secured by (i)
First charge on the immovable properties located at
Bangalore, Coimbatore and Tirunelveli and Plant and Machinery and (ii)
Personal guarantees of all the Directors. (b)
Car loan from HDFC Bank and Axis Bank are secured
by way of charge on the Vehicles. Other Loans from Banks Represents: Working capital loan from State Bank of India, Axis Bank, standard
Chartered Bank, ICICI Bank, Bank of Baroda, ING Vysya Bank and Punjab
National Bank. These loans are secured by way of (i)
Hypothecation of stock in trade, book debts and
other movable assets. (ii)
First pari passu charge on the immovable
properties located at Chennai, Mumbai and Ernakulum and (iii)
Second pari passu charge on the immovable
properties located at Bangalore, Coimbatore and Tirunelveli. (iv)
All these loans expect loan from Standard
Chartered Bank are also secured by personal guarantees of all the Directors
of the company. Working Capital loan from Standard Charted Bank is secured by
personal guarantees of Mr. M. Ponnuswami, Managing Director, Mr. P Surya
Prakas and Mr. M P Lakshmipathy, Director of the company.
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Suri and Company Chartered Accountant |
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Address : |
No.4 (Old No.55 A), Chevaliar Sivaji Ganesan Road, T. Nagar,
Chennai-600017, Tamil Nadu, India |
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Subsidiaries : |
Pon Pure Chemm Fze Dubai |
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Enterprises in which Key Management Personnel and
their Relatives have significant influence : |
·
Color Chemicals ·
Color Chemicals and Dyer (Private) Limited ·
Manchester Textiles (Private) Limited ·
Pure Chemicals Company ·
Pure Organic Industries ·
Southern Logistics (Private) Limited. |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
700000 |
Equity Shares |
Rs.100/- each |
Rs. 70.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
367524 |
Equity Shares |
Rs.100/-
each |
Rs. 36.752
Millions |
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Notes:
Of the above
(i ) 45,310 Equity Shares were allotted as fully paid up
pursuant to a contract without
payment being received in Cash
(ii) 2,37,940 Equity Shares of Rs.100/- each allotted as fully paid up in pursuant to the Scheme of - Amalgamation sanctioned by Hon High Court of Madras
AS ON 16.08.2010
Authorised Capital : Rs.70.000 Millions
Issued, Subscribed & Paid-up Capital : Rs. 66.752 Millions
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 |
36.752 |
36.752 |
36.752 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
549.368 |
372.187 |
429.030 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
586.120 |
408.939 |
465.782 |
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LOAN FUNDS |
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1] Secured Loans |
969.325 |
544.698 |
325.259 |
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2] Unsecured Loans |
21.400 |
21.400 |
22.311 |
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TOTAL BORROWING |
990.725 |
566.098 |
347.570 |
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DEFERRED TAX LIABILITIES |
8.841 |
0.000 |
9.970 |
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TOTAL |
1585.686 |
975.037 |
823.322 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
344.712 |
345.297 |
355.385 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
22.680 |
10.000 |
10.000 |
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DEFERREX TAX ASSETS |
0.000 |
17.180 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
823.811
|
228.445 |
371.841 |
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Sundry Debtors |
1110.940
|
601.083 |
492.467 |
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Cash & Bank Balances |
151.942
|
108.330 |
56.117 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
52.861
|
45.733 |
32.304 |
|
Total
Current Assets |
2139.554
|
983.591 |
952.729 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Sundry Creditors |
910.766
|
375.638 |
489.273 |
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Other Current Liabilities |
7.974
|
5.214 |
3.662 |
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Provisions |
2.520
|
0.179 |
1.857 |
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Total
Current Liabilities |
921.260
|
381.031 |
494.792 |
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Net Current Assets |
1218.294
|
602.560 |
457.937 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1585.686 |
975.037 |
823.322 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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TURNOVER |
5760.302 |
4083.950 |
2943.389 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
5488.601 |
NA |
2851.590 |
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Financial Expenses |
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Depreciation |
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TOTAL |
5488.601 |
NA |
2851.590 |
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PROFIT BEFORE
TAX |
271.701 |
17.515 |
91.799 |
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Less |
TAX |
94.520 |
NA |
33.107 |
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PROFIT AFTER TAX |
177.181 |
NA |
58.692 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
222.486 |
97.556 |
63.960 |
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TOTAL EARNINGS |
222.486 |
97.556 |
63.960 |
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IMPORTS |
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Trading Goods |
2964.584 |
1580.479 |
802.198 |
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TOTAL IMPORTS |
2946.584 |
1580.479 |
802.198 |
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|
Earnings Per
Share (Rs.) |
482 |
(155) |
160 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.08
|
NA |
1.99 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
4.72
|
0.43 |
3.12 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
10.94
|
1.30 |
7.02 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.46
|
0.04 |
0.20 |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.28
|
2.32 |
1.83 |
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Current Ratio (Current Asset/Current Liability) |
|
2.32
|
2.58 |
1.93 |
LOCAL AGENCY FURTHER INFORMATION
STATE OF AFFAIRS:
The Company was
able to achieve very creditable results during the year. The turnover leaped
from Rs. 4083.95 millions
for the year 2008-09 to Rs. 5760.30 millions for the year 2009-10, resulting in
a growth of 41.05 % with an operating profit of Rs.271.70 millions for the year
2009-10 as compared to the year 2008-09.
FORM 8
|
Corporate
identity number of the company |
U24111TN1998PTC040872 |
|
Name of the
company |
PON PURE CHEM
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
No.77, Perambur High Road, Perambur, Chennai-600012, Tamil Nadu, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
Immovable
property Movable property
(not being pledge) |
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Particular of
charge holder |
IDBI Bank Limited, 115, Anna Salai, Chennai- 600015, Tamil Nadu, India |
|
Nature of instrument
creating charge |
Memorandum of
entry no.23 dated 05.08.2011 and Declaration and undertaking dated 04.08.2011
for mortgage by deposit of title deeds. |
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Date of
instrument Creating the charge |
04.08.2011 |
|
Amount secured by
the charge |
Rs. 40.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Bank Base
Rate+2.75% p.a. Terms of repayment 60 equal monthly
installments commencing after a moratorium of 6 months from the date of first
disbursement. Margin NIL Extent and operation of the charge As mentioned in
Second Schedule to Memorandum of Entry No.23. |
|
Short particulars
of the property charged (Including location of the property) |
All that piece and
parcel of dry land comprising in R.S.No.57/1 measuring extent of 0.81.0 Hec
out of the large extent of 4.76.5 Hec situated at No.36 Vadugapalayam
Village, Dharapuram Taluk, Tirupur District Unit No.316 and
317on the 3rd Floor of the building known as Creative Industries
Premises Co-operative Housing Society Limited more particularly described in
Second Schedule to Memorandum of Entry No.23 |
|
Charge
identification number of the charge to be modified |
10279539 |
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Date of
instrument modifying the charge |
11.04.2011 |
|
Particulars of
the present modification |
Apart from deed
of Hypothecation dated 11.04.2011, Memorandum of Entry No.23 and Declaration
and undertaking for deposit of title deeds has been created on the immovable properties
belonging to the Company. Other existing
securities remain same. |
FIXED ASSETS
·
Land
·
Building
·
Plant and Machinery
·
Furniture and Fixtures
·
Vehicles
WEB SITE DETAILS
PROFLIE
Subject group with the core business of Chemical
distribution has been built on strong values such as Integrity, Customer
Satisfaction, Ethical Business Practice and commitment to SHE (Safety, Health
and Environment). Mr. M. Ponnuswami, a first generation entrepreneur, has built
the company with a strong vision and Pan India presence. The passion for
customized service catalyzed the growth of the company. Over the last 30 Years,
the commitment to business and goodwill earned brought the company new agencies
of domestic and International manufacturers and the new agencies brought
avenues to provide basket of product to different segment of the industry. The
company exports chemicals, as part of the growth strategy, by leveraging on the
benefit of SEZ established in Kandla.
The group provides value addition in the supply chain by offering
infrastructure such as, Network of Branches with ware house, Qualified Sales
Team, Underground Storage Tanks with barrel filling station for solvents in
strategically important places, Quality control lab, Technical service lab for
specialty chemicals and Ethical work culture. With the support of Customers and
Suppliers, today the company finds place in the list of leading distribution
companies in India. The group has diversified in to renewable Energy.
OPERATIONS
The company has established Regional and Branch Managers to closely
interact with end users and to serve them. Recognizing the service
requirements, the company operates two broad SBU's, Basic Chemicals and
Specialty Chemicals. The company meets the requirements both in bulk and
standard packing. Agencies of Domestic and International manufacturers are
being lined up aligning with the business need of the SBU's. Bulk imports are
carried out in Kandla, Mumbai and Ennore ports while FCL lots are being imported
in all leading ports to meet customer requirements with best possible cost to
serve.
The bulk solvents, from Domestic and International manufacturers are
repacked in standard packing size to meet the retail requirements of the
consumers. SOP is set in place to monitor and to ensure quality parameters in
line with the manufacturer.
All branches are connected by Oracle based ERP network to provide MIS
data to give the Managers an edge to take decisions.
As a part of the growth plan, chemicals from India are being exported to
countries like Srilanka, Nigeria, Bangladesh and Middle East. The warehouse
established in Kandla Special Economic Zone operates in the same way as they
are in Singapore and Middle East, by providing a competitive edge.
|
|
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.46.01 |
|
|
1 |
Rs.75.42 |
|
Euro |
1 |
Rs.66.69 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
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 |
YES |
|
--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.