MIRA
INFORM REPORT
|
Report Date : |
27.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
RESIL CHEMICALS PRIVATE LIMITED |
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Registered
Office : |
Unit No. 30, BCIE, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
18.04.1991 |
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Com. Reg. No.: |
18-041568 |
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Capital
Investment/ Paid-up Capital: |
Rs. 48.000 Millions |
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CIN No.: [Company Identification
No.] |
U51102KA1991PTC041568 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CHER06503A |
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PAN No.: [Permanent Account No.] |
AABCR2886H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturers, Exporters and Importers of Chemicals,
Finishing and Silicones for the Textile Industry |
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No. of
Employees: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 1261000 |
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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 fair. Financial position of the company appears to be sound.
Business is active. Payments are reported to be usually correct and as per
commitment. 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
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Rating |
Short term rating = A2+ |
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Rating Explanation |
Having strong degree of safety regarding timely payment of financial
obligation it carry low credit risk. |
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Date |
Sep 2011 |
RBI DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
Unit No. 30, BCIE, |
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Tel. No.: |
91-80 43486100 |
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Fax No.: |
91-80-28512054 |
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E-Mail : |
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Website : |
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Corporate Office : |
No.28 and 30, BCIE, |
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Tel. No.: |
91-80-43486100 |
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Fax No.: |
91-80-28512054 |
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Marketing and
Customer Support: |
No.40 Graudacharpalya, |
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Tel. No.: |
91-80-43486200 |
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Fax No.: |
91-80-28512475 |
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E-Mail : |
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Factory : |
Ř 101 Adbe villa, 1st floor, Plot No. 99, Near Char Police Station SV Road, Khar West, Mumbai – 400052, Maharashtra, India Fax No. : 91-2256777351 Email : marketing@resil.com Ř Plot No. 6, Ranjit Towers, Pakhowal Road, Pakhowal Road, Ludhiana – 141002, Punjab, India Email : marketing@resil.com Ř
#40, Garudacharpalya, Goshala Road, Mahadevpura
Post, Bangalore- 560048, Karnataka, India Tel No. : 91-80-4348 6200 Fax NO. : 91-80-28512475/
28512474 Email : contactus@resil.com Ř 108, Nutan Road Hous, B/4, Palanpur, Jakat Naka, Pal Road, Surat – 395003, Gujarat, India Mobile No. : 91-9825304310 Fax No. :91-261-3095790 Email : marketing@resil.Com |
DIRECTORS
AS ON 14.07.2011
|
Name : |
Mr. Mohan Shankaranarayanan Madathedattu |
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Designation : |
Managing director |
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Address : |
22.04.1955 |
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Date of Birth/Age : |
18, Sunny Brookes, Sarjapur Road,
Bangalore-560 035, |
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Date of Appointment : |
18.04.1991 |
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Din No.: |
01072454 |
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Other Directorship:
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Name : |
Mr. Vijayan Shankaranarayanan Madathetu |
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Designation : |
Managing Director |
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Address : |
T – 303, Ferns Court, No. 34, Viviani Road,
Richards Town, Bangalore - 560 005, |
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Date of Birth/Age : |
30.03.1957 |
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Date of Appointment : |
18.04.1991 |
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Din No.: |
01072385 |
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Other Directorship:
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Name : |
Mr. Sukumar Kunneth |
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Designation : |
Director |
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Address : |
No.22, |
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Date of Birth/Age : |
09.05.1935 |
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Date of Appointment : |
15.11.2002 |
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Din No.: |
00313896 |
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Other Directorship:
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Name : |
Mr. Rajeev Kizhakekanjirakatu Thangappannair |
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Designation : |
Whole-time director |
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Address : |
Flat No. C1-282, Sobha Hibiscus, Outer Ring
Road, Belandur Sarjapur Road, Bangalore-560 103, |
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Date of Birth/Age : |
28.05.1957 |
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Date of Appointment : |
31.03.2003 |
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Din No.: |
01591008 |
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Other Directorship:
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 14.07.2011
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Names of Shareholders |
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No. of Shares |
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Mr. Mohan Shankaranarayanan Madathedattu |
|
1920000 |
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Mr. Vijayan Shankaranarayanan Madathetu |
|
1920000 |
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Mrs. Gita
Kumar |
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960000 |
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Total |
|
4800000 |
AS ON 14.07.2011
|
Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
|
100.00 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers, Exporters and Importers of Chemicals, Finishing
and Silicones for the Textile Industry |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2011)
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Particulars |
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Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Textile finishing agents |
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N.A |
8,872 |
4,942.50 |
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Others * |
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N.A |
3,273 |
1,802.21 |
*Others include Mould release preparation, Enzymes, Organics and other speciality chemicals.
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
State Bank Of |
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Facilities : |
Rs.
in Millions
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Varma and Varma Chartered Accountants |
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Address : |
887, 11th Main, 4th Cross Hal, 2nd Stage, |
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Pan No: |
AABFV9555E |
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Associates/Subsidiaries : |
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A private company
controlled by relative of a key management personnel and hence an enterprise
under significant influence. |
Cbeyond Private limited |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
5000000 |
Equity Share |
Rs. 10/- each |
Rs. 50.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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4800000 |
Equity Share |
Rs. 10/- each |
Rs. 48.000
Millions |
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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 |
48.000 |
48.000 |
18.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
267.312 |
192.426 |
158.336 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
315.312 |
240.426 |
176.336 |
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LOAN FUNDS |
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1] Secured Loans |
123.361 |
123.510 |
73.139 |
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2] Unsecured Loans |
1.100 |
1.100 |
1.100 |
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TOTAL BORROWING |
124.461 |
124.610 |
74.239 |
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DEFERRED TAX LIABILITIES |
7.393 |
6.434 |
5.332 |
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TOTAL |
447.166 |
371.470 |
255.907 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
227.478 |
202.030 |
71.317 |
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Capital work-in-progress |
2.876 |
4.389 |
36.996 |
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Expenditure during construction period |
0.000 |
0.000 |
9.108 |
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INVESTMENT |
3.810 |
1.750 |
0.335 |
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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 |
117.568
|
115.930 |
58.200
|
|
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Assets held for disposal |
0.000
|
0.000 |
1.225
|
|
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Sundry Debtors |
195.042
|
187.268 |
161.206
|
|
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Cash & Bank Balances |
12.257
|
10.059 |
14.061
|
|
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Other Current Assets |
0.000
|
0.000 |
0.000
|
|
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Loans & Advances |
44.924
|
32.993 |
29.667
|
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Total
Current Assets |
369.791
|
346.250 |
264.359 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
75.776
|
97.595 |
84.550 |
|
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Other Current Liabilities |
58.242
|
55.251 |
23.592
|
|
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Provisions |
22.771
|
30.103 |
18.066
|
|
Total
Current Liabilities |
156.789
|
182.949 |
126.208 |
|
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Net Current Assets |
213.002
|
163.301 |
138.151 |
|
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
447.166 |
371.470 |
255.907 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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TOTAL (A) |
800.836 |
723.200 |
554.000 |
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Less |
EXPENSES |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
655.923 |
567.500 |
470.900 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(Including
Interest and Depreciation) |
155.700 |
83.100 |
|
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Less |
FINANCIAL
EXPENSES (D) |
|
8.800 |
10.600 |
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
146.900 |
72.500 |
|
|
|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
7.600 |
7.200 |
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|
PROFIT BEFORE
TAX (E-F) (G) |
144.913 |
139.300 |
65.300 |
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Less |
TAX (H) |
43.149 |
47.100 |
25.800 |
|
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|
PROFIT AFTER TAX
(G-H) (I) |
101.764 |
92.200 |
39.500 |
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|
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Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
9.500 |
3.900 |
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|
BALANCE CARRIED
TO THE B/S |
101.764 |
82.700 |
35.600 |
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EARNINGS IN
FOREIGN CURRENCY |
|
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|
|
|
|
|
FOB Value of Export |
51.727 |
39.881 |
32.549 |
|
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TOTAL EARNINGS |
51.727 |
39.881 |
32.549 |
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IMPORTS |
|
|
|
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|
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|
Raw Materials |
30.243 |
33.692 |
37.838 |
|
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TOTAL IMPORTS |
30.243 |
33.692 |
37.838 |
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|
Earnings Per Share
(Rs.) |
21.70 |
19.20 |
21.89 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
12.70
|
12.75 |
7.13 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
24.26
|
25.41 |
19.45 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.46
|
0.58 |
0.37 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.89
|
1.28 |
1.14 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.36
|
1.89 |
2.09 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
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 |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Passport No of Proprietor/Partner/Director, if
available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if
available |
No |
CONTINGENT
LIABILITIES
(Rs. in Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
Income Tax * |
6.129 |
6.129 |
|
Sales Tax/KVAT |
1.216 |
1.223 |
|
Service Tax |
4.882 |
0.000 |
|
b) On account of LCs and Bank Guarantees issued by bank |
0.000 |
4.921 |
|
II. Expenditure on capital account remaining to be executed, net of advances. |
1.566 |
4.725 |
*Deposited till date Rs. 3.580 Millions (PY Rs. 3.580 Millions)
FIXED ASSETS:
Tangible assets
- Land
- Leasehold
Improvements
- Buildings
- R and D
Assets
- Furniture and
Fixtures
- Computer
- Office
Equipment
- Vehicles
- Plant and
Machinery
- Lab
Equipments
- Electrical
Fittings
Intangible Assets
Software
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. 55.41 |
|
|
1 |
Rs. 86.93 |
|
Euro |
1 |
Rs. 68.10 |
INFORMATION DETAILS
|
Report Prepared
by : |
BVA |
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 |
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 |
YES |
|
--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.