MIRA
INFORM REPORT
|
Report Date : |
02.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
KETUL CHEM PRIVATE LIMITED |
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Registered
Office : |
114/115/116, Dattani Trade Centre, Borivli (W), Mumbai – 400 093, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
05.01.1990 |
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Com. Reg. No.: |
11-54903 |
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Capital Investment
/ Paid-up Capital : |
Rs.114.932 millions |
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CIN No.: [Company Identification
No.] |
U24110MH1990PTC054903 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMK11039A / MUMK06265A |
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PAN No.: [Permanent Account No.] |
AAACK5766A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader and Importer of Solvents and Chemicals. |
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No. of Employees
: |
40 Approximately (Office – 25 and Godowns – 15) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 740000 |
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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. 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
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Manish |
|
Designation : |
Export Department |
LOCATIONS
|
Registered Office : |
114/115/116, Dattani Trade Centre, Borivli (W), Mumbai – 400 093, |
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Tel. No.: |
91-22-66841111 / 28904994 / 28014994 / 28904996 |
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Mobile No.: |
91-9820017749 (Mr. Hasmukh Shah) |
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Fax No.: |
91-22-28905941 / 28015941 |
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E-Mail : |
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Area : |
2000 sq. ft. |
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Location : |
Owned |
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Branch Office : |
Popular Plaza Office Nots Plot No 14/15 Sector 1-A, Gandhidham, |
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Fax No.: |
91-2836-233803 |
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Godowns : |
·
Plot No.1706/B, GIDC, Ankleshwar Industrial
Area, Ankleshwar – 393002, Tel No.: 91-264-6223568
·
Plot No.1003/2, 3rd Phase, Vapi
Industrial Area, GIDC, Vapi – 396195, Tel No.: 91-260-2435299
·
Plot No.T-66, Tarapur Industrial Area, MIDC, Tel No.: 91-2525-270347 |
DIRECTORS
As on 29.09.2010
|
Name : |
Mr. Hasmukh Chunilal Shah |
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Designation : |
Whole Time Director |
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Address : |
A/302, Pleasant Palace, |
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Date of Birth/Age : |
14.08.1958 |
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Qualification : |
MSC |
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Date of Appointment : |
05.01.1990 |
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DIN No. : |
00283508 |
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|
|
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Name : |
Mr. Bhupendra Chunilal Shah |
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Designation : |
Whole Time Director |
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Address : |
C/202, Pleasant Palace, |
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Date of Birth/Age : |
27.06.1961 |
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Qualifications : |
B. Com |
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Date of Appointment : |
20.11.1993 |
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DIN No. : |
00834321 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Hasmukh Chunilal Shah |
|
3905990 |
|
Hasmukh Chunilal Shah (HUF) |
|
132970 |
|
Prerna Hasmukh Shah |
|
2039590 |
|
Bhupendra Chunilal Shah |
|
2558950 |
|
Bhupendra Chunilal Shah (HUF) |
|
1166143 |
|
Tanu Bhupendra Shah |
|
80010 |
|
Chanpaben Chunilal Shah |
|
462010 |
|
Taraben Kantilal Shah |
|
69171 |
|
Indiraben C. Shah |
|
53351 |
|
Anju A. Shah |
|
25010 |
|
P. H. Solvents and Chem. Private Limited |
|
1000000 |
|
Total |
|
11493195 |
As on 29.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader and Importer of Solvents and Chemicals. |
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Products : |
Petro Chemicals |
GENERAL INFORMATION
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No. of Employees : |
40 Approximately (Office – 25 and Godowns – 15) |
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Bankers : |
·
ICICI Bank Limited ·
Development Credit Bank Limited ·
HDFC Bank Limited ·
State Bank of ·
Barclays Bank ·
Citi Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Financial
Institutions : |
3i Infotech Trusteeship Services Limited 3rd to 6th Floor, International Infotech Park, Tower No.5, Vashi Railway Station Complex, Vashi, Navi Mumbai – 400 703, Maharashtra, India |
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Auditors : |
|
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Name : |
Joshi Nair and Associates Chartered Accountant |
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Address : |
A-201, Mangal Arambh, Off |
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Tel. No.: |
91-22-28339292 / 42469292 |
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Fax No.: |
91-22-28339293 / 42469293 |
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E-Mail : |
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|
Website : |
CAPITAL STRUCTURE
As on 29.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
12000000 |
Equity Shares |
Rs.10/- each |
Rs.120.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
11493195 |
Equity Shares |
Rs.10/- each |
Rs.114.932
millions |
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 |
114.932 |
114.932 |
114.932 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
69.049 |
55.034 |
48.308 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
183.981 |
169.966 |
163.240 |
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LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
0.000 |
0.094 |
0.690 |
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2] Unsecured Loans |
202.667 |
200.839 |
208.839 |
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TOTAL BORROWING |
202.667 |
200.933 |
209.529 |
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DEFERRED TAX LIABILITIES |
1.356 |
1.296 |
1.253 |
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TOTAL |
388.004 |
372.195 |
374.022 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
14.443 |
12.451 |
13.138 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.500 |
0.774 |
12.257 |
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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 |
75.094
|
63.274 |
83.897 |
|
|
Sundry Debtors |
506.987
|
452.232 |
533.357 |
|
|
Cash & Bank Balances |
16.410
|
6.812 |
48.807 |
|
|
Other Current Assets |
38.086
|
40.919 |
29.724 |
|
|
Loans & Advances |
0.000
|
0.000 |
0.000 |
|
Total
Current Assets |
636.577
|
563.237 |
695.785 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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|
Sundry Creditors |
248.737
|
185.241 |
324.714 |
|
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Other Current Liabilities |
3.329
|
5.876 |
9.269 |
|
|
Provisions |
11.450
|
13.150 |
13.175 |
|
Total
Current Liabilities |
263.516
|
204.267 |
347.158 |
|
|
Net Current Assets |
373.061
|
358.970 |
348.627 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
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|
|
|
|
TOTAL |
388.004 |
372.195 |
374.022 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
24.528 |
11.171 |
17.786 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
0.861 |
0.756 |
0.778 |
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PROFIT BEFORE
TAX |
23.667 |
10.415 |
17.008 |
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Less |
TAX |
8.000 |
3.581 |
5.967 |
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PROFIT AFTER TAX
|
15.667 |
6.834 |
11.041 |
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IMPORTS |
|
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Raw Materials |
512.577 |
246.273 |
250.740 |
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TOTAL IMPORTS |
512.577 |
246.273 |
250.740 |
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Earnings Per
Share (Rs.) |
1.36 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.64
|
1.81 |
2.40 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
0.06 |
0.10 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
2.53
|
2.38 |
3.41 |
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|
Current Ratio (Current Asset/Current Liability) |
|
2.42
|
2.76 |
2.00 |
LOCAL AGENCY FURTHER INFORMATION
FORM 8
|
Corporate identity number of the company |
U24110MH1990PTC054903 |
|
Name of the company |
KETUL CHEM PRIVATE LIMITED |
|
Address of the registered office or of the principal place of business in |
114/115/116, Dattani Trade Centre, Borivli (W), Mumbai – 400 093, |
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be modified |
10070246 |
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Type of charge |
Immovable property |
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Particular of charge holder |
ICICI Bank Limited |
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Nature of instrument creating charge |
No instrument was executed but on the 29th day of April 2011 a
mortgage was created by the Borrower in favour of ICICI Bank in respect of
the Borrowers immoveable properties in order to create security thereon as
and by way of a mortgage by constructive delivery pursuant to the Resolution
passed by the Borrower on the 2nd April 2011. |
|
Date of instrument Creating the charge |
29.04.2011 |
|
Amount secured by the charge |
Rs.330.000 millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest As per Sanction terms as amended from time to time Terms of Repayment on demand Margin As per Sanction terms as amended from time to time Extent and Operation of the charge 1) Equitable mortgage of Office premises no. 114,at Dattani Trade
Centre, Borivali (W), Mumbai -400 092. 2) Equitable mortgage of unit no. 1003/02, phase no. 3, Vapi Industrial
Area, GIDC, Vapi. 3) Equitable mortgage of unit of Ketul Chem Private Limited, 1706/13,
GIDC, Ankleshwar. Others Declarations dated-28th April 2011 and Mortgage created on 29th April
2011 for three properties at Borivili, Vapi and Ankleshwar. Additional
facility of Rs.55 million is being secured by present modification and this
amount can be viewed in clause-2 B at page no-4 of all three Memorandum of
Entries. |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
1)
Equitable mortgage of Office premises no. 114,at
Dattani Trade Centre, Borivali (W), Mumbai -400 092 2)
Equitable mortgage of unit no. 1003/02, phase no.
3, Vapi Industrial Area, GIDC, Vapi 3)
Equitable mortgage of unit of Ketul Chem Private
Limited, 1706/13, GIDC, Ankleshwar. |
|
Particulars of the present modification |
Vide this modification charge is being registered over borrowers
immovable properties situated at 1) Office premises no. 114, at Dattani Trade
Centre, Borivali (W), Mumbai -400 092, 2) Unit no. 1003/02, phase no. 3, Vapi
Industrial Area, GIDC, Vapi and 3) unit of Ketul Chem Private Limited,
1706/13, GIDC, Ankleshwar, both present and future, for additional working
capital limits of Rs.55 million. Now the total amount secured has become
Rs.330 million. |
FIXED ASSETS
·
Land
·
Building
·
Godown
·
Office Premises
·
Type Writer
·
Weighing Machine
·
Furniture and Fixtures
·
Pager
·
EPBAX
·
Computer
·
Printer
·
Fax Machibe
·
Air Conditioner
·
Fire Extinguisher
·
Mobile Phone
·
Car (Maruti)
·
Car (Lancer)
·
Plot Vapi
·
Aqua Guard
·
Storage Tanks
·
Motor Bike
·
Office Premises (Vapi)
·
Plot (Ankleshwar)
·
Office Premises
(Ankleshwar)
·
Car (Skoda)
·
Car (Centro)
·
Car (Honda Jazz)
·
Car (Honda Accord)
·
Vending Machine
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.46.02 |
|
|
1 |
Rs.75.43 |
|
Euro |
1 |
Rs.66.70 |
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 |
NO |
|
--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 |
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.