MIRA
INFORM REPORT
|
Report Date : |
02.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
KALPSUTRA CHEMICALS PRIVATE LIMITED (w.e.f. 15.07.2004) |
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Formerly Known
As : |
ALLWIN FIBREGLASS AND PLASTICS PRIVATE LIMITED |
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Registered Office
: |
103-105, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
20.10.1986 |
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Com. Reg. No.: |
11-041296 |
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Capital
Investment / Paid-up Capital : |
Rs.4.610
millions |
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|
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CIN No.: [Company Identification
No.] |
U26102MH1986PTC041296 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA23262B |
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PAN No.: [Permanent Account No.] |
AAACA3754C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer, Exporter and Importer of Aromatic Chemicals. |
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No. of Employees
: |
50 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 357000 |
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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. Trade
relations are reported as fair. Business is active. Payments ate reported to
be usually correct and as per commitments. The company can be considered for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION PARTED BY (General Details)
|
Name : |
Ms. Shashi |
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Designation : |
Accountant |
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Contact No.: |
91-22-21642085 |
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Date : |
31.12.2011 |
LOCATIONS
|
Registered/ Corporate Office : |
103-105, |
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Tel. No.: |
91-22-21642085 (5
Lines) |
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Fax No.: |
91-22-21642086 |
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E-Mail : |
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Website : |
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Area : |
2700 sq ft |
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Location : |
Owned |
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Factory : |
Plot No.A-415, M.I.D.C., Mahape, Navi Mumbai – 400 701, |
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Tel. No.: |
91-22-27782689/ 90/ 91 |
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Location : |
Owned |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Ashok Vasantlal Shah |
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Designation : |
Director |
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Address : |
D- 401/ 402 , Kalp Nagari, |
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Date of Birth/Age : |
21.02.1969 |
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Qualification : |
B.E. |
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Date of Appointment : |
15.07.2003 |
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DIN No.: |
00652290 |
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Other Directorship :
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Name : |
Mr. Niranjan Ratanshi Sachade |
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Designation : |
Director |
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Address : |
903, |
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Date of Birth/Age : |
22.02.1957 |
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Qualification : |
B.E. |
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Date of Appointment : |
15.07.2003 |
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DIN No.: |
00652389 |
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KEY EXECUTIVES
|
Name : |
Ms. Shashi |
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Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders (Equity Shares) |
|
No. of Shares |
|
Ashok Vasantlal Shah |
|
105502 |
|
Niranjan Ratanshi Sachade |
|
105502 |
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Total |
|
211004 |
|
Names of Shareholders (Preference Shares) |
|
No. of Shares |
|
Ashok Vasantlal Shah |
|
12500 |
|
Niranjan Ratanshi Sachade |
|
12500 |
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Total |
|
25000 |
As on 30.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of Aromatic Chemicals. |
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Products : |
v
Aldehydes v
Ketones v
Alcohol and Acetate v
Nitriles v
Oxides v
Acids |
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Exports : |
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Products : |
Aromatic Chemicals |
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Countries : |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
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Terms : |
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Selling : |
Depend |
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Purchasing : |
Depend |
GENERAL INFORMATION
|
Suppliers : |
v
Acorn Chemicals Private Limited v
Ankit Enterprises v
Aroma Vision Corporation v
Aryan Express v
Delicia Chemicals v
Devansh Water Suppliers v
Gujarat Containers Limited v
Guvera Enterprises v
Kalpsutra Gujarat v
Marina Bay Sands Pte Limited v
Pratik Shipping Agencies v
Tide Industries v
Sodium Metal Private Limited v
SI Group India Limited v
Satyam Consultants |
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Customers : |
Manufacturer v
Abhinav Fragrance v
Advanced Biotech v
Arochem Industries v
Arofine Chemical Industries v
Ashapura Aromas Private Limited v
B.J. Aromatic v
Chemtex USA Inc. v
Divis Laboratories Limited v
Firmenich SA v
Givaudan UK Limited v
Hemani Impex v
Mane SA v
Mane v
N.R. Aromas v
Pt Firmenich v
Metro Arochem v
K.R. Vishwanath Agarbatti Works v
Happy Creations Limited |
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No. of Employees : |
50 (Approximately) |
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Bankers : |
v
ING Vysya Bank Limited, Shop No.1, 2, 3 and 4,
Manju Apartments, R.B. Metha Marg, Ghatkopar (East), Mumbai – 400 077, Maharashtra,
India v
Indian Overseas Bank, Mulund (West) v
Citi Bank, Mulund (West) v
State Bank of v
Bank of v
HDFC Bank Limited v
Corporation Bank (Mulund) |
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Facilities : |
Cash Credit – Rs.1500.000 millions (ING Vysya Bank Limited)
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Navin and Associates Chartered Accountants |
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Address : |
23, |
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E-Mail : |
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Income-tax
PAN of auditor or auditor's firm : |
AAAPN2367H |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
300000 |
Equity Shares |
Rs.10/- each |
Rs.3.000 millions |
|
30000 |
6% Preference Shares |
Rs.100/- each |
Rs.3.000 millions |
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Total |
|
Rs.6.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
211004 |
Equity Shares |
Rs.10/- each |
Rs.2.110
millions |
|
25000 |
Preference Shares |
Rs.100/- each |
Rs.2.500
millions |
|
|
Total |
|
Rs.4.610 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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|
SHAREHOLDERS FUNDS |
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|
|
|
|
1] Share Capital |
4.610 |
4.610 |
4.610 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
84.621 |
46.653 |
22.405 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
89.231 |
51.263 |
27.015 |
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LOAN FUNDS |
|
|
|
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1] Secured Loans |
21.090 |
48.096 |
30.447 |
|
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2] Unsecured Loans |
8.610 |
11.310 |
14.819 |
|
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TOTAL BORROWING |
29.700 |
59.406 |
45.266 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
118.931 |
110.669 |
72.281 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
45.935 |
40.711 |
46.064 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
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INVESTMENT |
2.766 |
1.769 |
1.483 |
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DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
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Inventories |
38.297
|
27.489 |
12.157 |
|
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Sundry Debtors |
126.793
|
129.078 |
48.115 |
|
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Cash & Bank Balances |
21.730
|
2.127 |
1.251 |
|
|
Other Current Assets |
37.899
|
12.335 |
9.006 |
|
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Loans & Advances |
0.487
|
0.430 |
0.976 |
|
Total
Current Assets |
225.206
|
171.459 |
71.505 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
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Sundry Creditors |
121.296 |
92.336 |
37.659 |
|
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Other Current Liabilities |
10.505
|
0.000 |
4.363 |
|
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Provisions |
23.175
|
10.934 |
4.749 |
|
Total
Current Liabilities |
154.976
|
103.270 |
46.771 |
|
|
Net Current Assets |
70.230
|
68.189 |
24.734 |
|
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|
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|
|
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
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|
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|
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TOTAL |
118.931 |
110.669 |
72.281 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
|
|
|
|
|
|
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Income |
941.374 |
705.797 |
342.278 |
|
|
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Other Income |
NA |
NA |
11.694 |
|
|
|
TOTAL (A) |
NA |
NA |
353.972 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
NA |
NA |
111.380 |
|
|
|
Purchase made for Resale |
NA |
NA |
172.834 |
|
|
|
Consumption of Stores & Spares |
NA |
NA |
0.000 |
|
|
|
Increase/ Decrease in Finished Goods, Work-in-Progress |
NA |
NA |
8.594 |
|
|
|
Salaries Wages & Bonus |
NA |
NA |
5.260 |
|
|
|
Managerial Remuneration |
NA |
NA |
0.960 |
|
|
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Payment to Auditors |
NA |
NA |
0.080 |
|
|
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Insurance Expenses |
NA |
NA |
1.240 |
|
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|
Power & Fuel |
NA |
NA |
3.144 |
|
|
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Other Expenditure |
NA |
NA |
27.306 |
|
|
|
TOTAL (B) |
NA |
NA |
330.798 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
NA |
NA |
23.174 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST (D) |
NA |
NA |
5.638 |
|
|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
64.199 |
44.327 |
17.536 |
|
|
|
|
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|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
6.137 |
6.087 |
7.019 |
|
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|
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|
|
|
|
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|
PROFIT BEFORE
TAX (E-F) (G) |
58.062 |
38.240 |
10.517 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
20.000 |
9.300 |
3.367 |
|
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|
|
|
|
|
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|
PROFIT AFTER TAX
(G-H) (I) |
38.062 |
28.940 |
7.150 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
45.072 |
20.825 |
13.675 |
|
|
|
|
|
|
|
|
|
|
Income
Tax Adjustment |
0.093 |
-- |
-- |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
83.041 |
45.072 |
20.825 |
|
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|
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|
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|
EARNINGS IN
FOREIGN CURRENCY |
US
$ 13494031.28 |
US
$ 10905577.00 |
241.561 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
275.17 |
181.23 |
30.30 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
NA
|
NA |
2.02 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.17
|
5.42 |
3.07 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
21.41
|
18.02 |
8.95 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.65
|
0.75 |
0.39 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.07
|
3.17 |
3.41 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.45
|
1.66 |
1.53 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of
Establishment |
Yes |
|
2) Locality of
the firm |
Yes |
|
3) Constitutions
of the firm |
Yes |
|
4) Premises
details |
Yes |
|
5) Type of
Business |
Yes |
|
6) Line of
Business |
Yes |
|
7) Promoter’s
background |
-- |
|
8) No. of
employees |
Yes |
|
9) Name of person
contacted |
Yes |
|
10) Designation
of contact person |
Yes |
|
11) Turnover of
firm for last three years |
No |
|
12) Profitability
for last three years |
No |
|
13) Reasons for
variation <> 20% |
-- |
|
14) Estimation
for coming financial year |
No |
|
15) Capital in
the business |
Yes |
|
16) Details of
sister concerns |
-- |
|
17) Major
suppliers |
No |
|
18) Major
customers |
No |
|
19) Payments
terms |
Yes |
|
20) Export /
Import details (if applicable) |
Yes |
|
21) Market
information |
-- |
|
22) Litigations
that the firm / promoter involved in |
-- |
|
23) Banking
Details |
Yes |
|
24) Banking
facility details |
Yes |
|
25) Conduct of
the banking account |
-- |
|
26) Buyer visit
details |
-- |
|
27) Financials,
if provided |
Yes |
|
28) Incorporation
details, if applicable |
-- |
|
29) Last accounts
filed at ROC |
-- |
|
30) Major
Shareholders, if available |
-- |
Details of Sundry Creditors:
|
Particulars |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
|
Sundry Creditors |
121.296 |
92.336 |
37.659 |
|
|
|
|
|
Details of Sundry Creditors: (Partial
Details)
|
Particulars |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
|
Sundry Creditors |
|
|
|
|
Acorn Chemicals Private Limited |
0.493 |
0.079 |
NA |
|
Ankit Enterprises |
0.201 |
0.137 |
NA |
|
Aroma Vision Corporation |
1.370 |
1.023 |
NA |
|
Aryan Express |
0.094 |
0.015 |
NA |
|
Delicia Chemicals |
0.993 |
0.000 |
NA |
|
Devansh Water Suppliers |
0.005 |
0.000 |
NA |
|
Gujarat Containers Limited |
0.709 |
0.937 |
NA |
|
Guvera Enterprises |
0.089 |
0.000 |
NA |
|
Kalpsutra Gujarat |
75.551 |
57.731 |
NA |
|
Mac Industry |
5.427 |
4.176 |
NA |
|
Marina Bay Sands Pte Limited |
0.019 |
0.000 |
NA |
|
Pratik Shipping Agencies |
0.811 |
1.743 |
NA |
|
Tide Industries |
12.122 |
2.538 |
NA |
|
Sodium Metal Private Limited |
0.881 |
2.570 |
NA |
|
SI Group India Limited |
5.625 |
4.759 |
NA |
|
Satyam Consultants |
0.104 |
0.096 |
NA |
OPERATIONS AND
FUTURE PLANS:
The company's Revenue has increased as compared to last year. The directors
are confident of better performance in the ensuing years.
FORM 8:
|
Corporate
identity number of the company |
U26102MH1986PTC041296 |
|
Name of the
company |
KALPSUTRA CHEMICALS PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
103-105, E-Mail: navin_ca85@rediffmail.com |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10258347 |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
CIN No.: L85110KA1930PLC000124 ING Vysya Bank Limited, Shop No.1, 2, 3 and 4, Manju Apartments, R.B.
Metha Marg, Ghatkopar (East), Mumbai – 400 077, Maharashtra, India E-Mail: cms@companiesinn.com |
|
Nature of description
of the instrument creating or modifying the charge |
Mortgage by
deposit of title deeds. |
|
Date of
instrument Creating the charge |
08.03.2011 |
|
Amount secured by
the charge |
Rs.110.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: No Change Terms of
Repayment: No Change Margin: No Change Extent and
Operation of the charge: First charge on
the immovable property of the company. |
|
Short particulars
of the property charged |
Plot No.A-415, in
the Trans Thane Creek Industrial Area, situated within the Village limit of
Mahape and within the limits of Navi Mumbai, Municipal Corporation Taluka,
Thane District. |
|
Particulars of the
present modification |
There is no
change in the total limit of Rs.110.000 millions. The limit has been
additionally secured by the immovable property of the company. All other terms
and conditions are remain same. |
FIXED ASSETS:
v Air Conditioner
v ECV Stabilizer
v Electronic Machinery
v EPABX System
v Plant and Machinery
v Motor Car
v Motor Cycle
v Diesel Generator Set
v Refrigerator
v Cycle
v Water Cooler
v Xerox Machine
v Water Filter
v Fax Machine
v Storage Tank
v Computer
v Printer
v
v
v Furniture and Fixtures
v Electrical Installation
v Office
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.53.27 |
|
|
1 |
Rs.82.10 |
|
Euro |
1 |
Rs.68.90 |
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 |
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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
47 |
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.