|
Report Date : |
01.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
KHYATI CHEMICALS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
A/7, 4th Floor, Safal Profitaire, Opposite Auda Garden, Prahlad
Nagar, Corporate Road, Satellite, Ahmedabad – 380015, Gujarat |
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Country : |
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|
|
Financials (as
on) : |
31.03.2011 |
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|
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|
Date of
Incorporation : |
25.07.1994 |
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|
Com. Reg. No.: |
04 - 22598 |
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Capital Investment
/ Paid-up Capital : |
Rs.9.931 Millions |
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|
|
|
CIN No.: [Company Identification
No.] |
U24231GJ1994PTC022598 |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
Line of Business
: |
Manufacturer of Dyes, Optical Whitening Agent. |
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|
|
|
No. of Employees
: |
300 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 730000 |
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|
|
|
Status : |
Satisfactory |
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|
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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.
INFORMATION DENIED BY
|
Name : |
Mr. Madan |
|
Contact No.: |
91-79-40373880 |
|
Date : |
30.05.2012 |
LOCATIONS
|
Registered Office : |
A/7, 4th Floor, Safal Profitaire, Opposite Auda Garden,
Prahlad Nagar, Corporate Road, Satellite, Ahmedabad – 380015, Gujarat, India |
|
Tel. No.: |
91-79-40373880 / 81 / 82 / 83 |
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Fax No.: |
91-79-40373887 |
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E-Mail : |
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Website : |
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|
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Factory 1 : |
243/4/5, GIDC Estate, Phase-II, Vatva, Ahemdabad – 382445, India |
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Tel. No.: |
91-79-25830486 |
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|
|
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Factory 2 : |
C-1, 412/6, GIDC Estate,
Phase-II, Vatva, Ahemdabad – 382445, India |
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Tel. No.: |
91-79-25891748 |
DIRECTORS
As on 12.09.2011
|
Name : |
Mr. Rajiv Narpatmal Bhandari |
|
Designation : |
Director |
|
Address : |
14B, Ashok Vatika, B/H. |
|
Date of Birth/Age : |
17.08.1957 |
|
Date of Appointment : |
24.07.1994 |
|
DIN No. : |
00159783 |
|
|
|
|
Name : |
Mrs. Shubha Rajiv Bhandari |
|
Designation : |
Director |
|
Address : |
14B, Ashok Vatika, B/H. |
|
Date of Birth/Age : |
17.06.1965 |
|
Date of Appointment : |
02.04.1998 |
|
DIN No. : |
00159813 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 12.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Rajiv Narpatmal Bhandari |
|
846660 |
|
Siddhant Rajiv Bhandari |
|
45000 |
|
Shubha Rajiv Bhandari |
|
101460 |
|
|
|
|
|
Total |
|
993120 |
Equity Share Break up (Percentage of Total Equity)
As on 12.09.2011
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Dyes, Optical Whitening Agent. |
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Products : |
|
PRODUCTION STATUS As on 31.03.2011
|
Particulars |
|
|
Installed
Capacity |
Actual
Production |
|
S O Dyes |
|
|
240000 |
145645 |
|
Optical Whitening Agent |
|
|
12000000 |
7019170 |
GENERAL INFORMATION
|
No. of Employees : |
300 (Approximately) |
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Bankers : |
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Facilities : |
(Rs. in Millions)
|
|
|
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
Deepak Soni and Associates Chartered Accountant |
|
Address : |
5, Jayshree Aank Partments, Udhyan Marg, Near |
|
Tel. No.: |
91-79-26425150/26652784 |
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PAN.: |
AFLPS9250E |
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Associates/Subsidiaries : |
|
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000 |
Equity Share |
Rs.10/- each |
Rs.20.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
993120 |
Equity Share |
Rs.10/- each |
Rs.9.931
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
9.931 |
9.931 |
9.931 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
172.671 |
132.779 |
86.609 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
182.602 |
142.710 |
96.540 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
170.809 |
133.128 |
44.043 |
|
|
2] Unsecured Loans |
46.071 |
22.803 |
20.446 |
|
|
TOTAL BORROWING |
216.880 |
155.931 |
64.489 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
399.482 |
298.641 |
161.029 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
98.803 |
72.172 |
60.207 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
7.310 |
13.210 |
13.880 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
80.290
|
70.158
|
27.002
|
|
|
Sundry Debtors |
241.693
|
215.032
|
101.935
|
|
|
Cash & Bank Balances |
7.057
|
10.095
|
7.744
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
86.089
|
71.991
|
37.936
|
|
Total
Current Assets |
415.129
|
367.276
|
174.617
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
95.711
|
132.030 |
75.368 |
|
|
Other Current Liabilities |
0.969
|
0.798 |
1.119 |
|
|
Provisions |
25.080
|
21.189
|
11.188
|
|
Total
Current Liabilities |
121.760
|
154.017
|
87.675
|
|
|
Net Current Assets |
293.369
|
213.259
|
86.942
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
399.482 |
298.641 |
161.029 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
922.405 |
777.509 |
519.236 |
|
|
|
Other Income |
0.386 |
0.008 |
0.105 |
|
|
|
TOTAL (A) |
922.791 |
777.517 |
519.341 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing and other expenses |
835.012 |
704.499 |
463.776 |
|
|
|
Increase or decrease in stock |
(2.484) |
(14.459) |
7.652 |
|
|
|
TOTAL
(B) |
832.528 |
690.040 |
471.428 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
90.263 |
87.477 |
47.913 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
17.042 |
9.825 |
7.157 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
73.221 |
77.652 |
40.756 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
13.329 |
11.482 |
7.349 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
59.892 |
66.170 |
33.407 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
20.000 |
20.000 |
10.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
39.892 |
46.170 |
23.407 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
132.779 |
86.609 |
63.202 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
172.671 |
132.779 |
86.609 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
711.880 |
577.459 |
288.500 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
194.401 |
158.617 |
63.408 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
40.17 |
46.49 |
23.57 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
4.32
|
5.94
|
4.51
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.49
|
8.51
|
6.43
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.43
|
15.06
|
14.23
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.33
|
0.46
|
0.35
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.67
|
1.08
|
0.91
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.41
|
2.38
|
1.99
|
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors Details:
Rs. In Millions
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors |
|
|
|
|
Creditors for
expenses |
7.316 |
4.826 |
5.440 |
|
Creditors for
goods |
88.395
|
127.204 |
69.928 |
|
Total |
95.711
|
132.030 |
75.368 |
|
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 |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business• |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
Yes |
|
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 |
-- |
|
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 |
Note: Registered office of the company has been
shifted from 905/ 906, Samudra Annexe, Sardar Patel Nagar, Off C G Road,
Navarangpura, Ahmedabad -380006, Gujarat, India to the present address w.e.f.
06.05.2011
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate identity number of the company |
U24231GJ1994PTC022598 |
|
Name of the company |
KHYATI CHEMICALS
PRIVATE LIMITED |
|
Address of the registered office or of the
principal place of business in |
A/7, 4th
Floor, Safal Profitaire, Opposite Auda Garden, Prahlad Nagar, Corporate Road,
Satellite, Ahmedabad – 380015, Gujarat, India Email: khyatichemicals@yahoo.co.in |
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the
charge to be modified |
80006658 |
|
Type of charge |
|
|
Particular of charge holder |
State Bank of
India, Sales Hub, Laghu Udhyog Branch, Premises, Opposite Gandhigram Railway
Station, Ahmedabad-380009, Gujarat, India. Email: jr.shah@sbi.co.in |
|
Nature of instrument creating charge |
Supplemental
Agreement of Loan-Cum-Hypothecation. |
|
Date of instrument Creating the charge |
16.02.2011 |
|
Amount secured by the charge |
Rs.270.900
Millions |
|
Brief of the principal terms an conditions
and extent and operation of the charge |
Rate of Interest 13.60% p.a. Terms of Repayment One Year subject to review every 12 months. Margin RM(imported)-15%,RM(indigenous)-25%,SFI-30%,FG-30%,Receivales-35%,EPC-10%,LC-20%,BG-20% Extent and Operation of the charge The Agreement shall operate as Security for repayment of Loan Amount
together with interest, penal interest, charges and expenses. Others Other terms and
conditions as per Agreement. |
|
Short particulars of the property or
asset(s) charged (including complete address and location of the property) |
Hypothecation of
Raw Materials, Stocks- in- process, Finished Goods, Book Debts and all
Current Assets of the Company. Hypothecation of all the Plant and Machinery
of the Company. |
|
Date of instrument modifying the charge |
24.05.2010 |
|
Particulars of the present modification |
By Supplemental Agreement
of Loan-Cum-Hypothecation dated 16/02/2011, the present Credit Limit of
Rs.221.500 Millions is extended upto Rs.270.900 Millions |
Fixed Assets:
AS PER WEBSITE DETAILS
COMPANY PROFILE
Subject promoted by professionals for manufacturing of Optical Brighteners and Dyes for more than two decades.
Subject has played a pioneering role in developing a comprehensive range of
products encompassing the entire Optical Brightener needs of the Paper,
Detergent and Industries and Direct, Basic and Acid Dyes for Paper industries.
Having made a humble beginning they have made several strides since then and
are happy to have been serving their global customers to their enhanced
satisfaction for over a decade.
Subject has recently completed the process of expanding its capacity to 12000
TPA for Optical Brightener. KCPL has-500 TPA capacity to produce various Dyes
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.56.42 |
|
|
1 |
Rs.87.37 |
|
Euro |
1 |
Rs.69.95 |
INFORMATION DETAILS
|
Information Gathered
by : |
JML |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
|
48 |
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.