|
Report Date : |
14.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
FINAR LIMITED (w.e.f. 28.08.2012) |
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|
|
|
Formerly Known
As : |
FINAR CHEMICALS LIMITED |
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|
Registered
Office : |
208, Shail Complex, Near |
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|
Country : |
|
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|
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
02.09.1998 |
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Com. Reg. No.: |
04-034615 |
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Capital
Investment / Paid-up Capital : |
Rs.30.000 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24231GJ1998PLC034615 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
AHMF00023C |
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|
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PAN No.: [Permanent
Account No.] |
AAACF3217D |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of Laboratory Reagents, Bulk and
Pharmacopoeial Grade Chemicals. |
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|
|
|
No. of Employees
: |
Not Available |
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 379000 |
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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.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed legislative
work. India's medium-term growth outlook is positive due to a young population
and corresponding low dependency ratio, healthy savings and investment rates,
and increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
A3 (Short term) |
|
Rating Explanation |
This rating have moderate degree of safety such instruments carry
higher credit risk |
|
Date |
April,2012 |
|
Rating Agency Name |
CARE |
|
Rating |
BBB (Long term) |
|
Rating Explanation |
This rating are considered to have moderate degree of safety such
instrument carry moderate risk |
|
Date |
April,2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ 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 : |
208, Shail Complex, Near Shilp Building, Off C.G. Road, Ahmedabad –
380006, Gujarat, India |
|
Tel. No.: |
91- 91-79-26400027 / 26403664 / 26466995 |
|
Fax No.: |
91-79-26405325 |
|
E-Mail : |
Mail to : sales@finarchemicals.com
Mail to : qualitycontrol@finarchemicals.com |
|
Website : |
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|
Factory : |
184-185-186/P, Village Chacharwadi Vasna, Sarkhej - |
|
Tel. No.: |
91-2717-252244 |
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Fax No.: |
91-2717-252233 |
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Central Stock Point (CSP) : |
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Tel. No.: |
91-79-26890404 |
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Fax No.: |
91-79-26890408 |
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E-Mail : |
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Branch Office : |
A.P. Stock Point : 4-1-11/A, Opp. Posenett Bhavan, Tilak Road, Hyderabad-500 001,Andhra Pradesh, India Phone : 91-40-66845496/24752196 Telefax : 91-40-24761324 Email : hyd@finarchemicals.com Kolkata Super stockist: c/o. K. Madhusudhan and Company, Room No.66/1 and 67, 3rd Floor, B-Block, Mehta Building, 55, Canning Street, Kolkata – 700001, West Bengal, India Phone : 91-33-22353654 / 30283654 Fax : 91-33-22353654 Email : kolkata@finarchemicals.com |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Girishbhai Purshottamdas Maheshwari |
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Designation : |
Managing Director |
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Address : |
A-303, Springvalley Flat, DOC. House, E.B., Ahmedabad-380006, Gujarat,
India |
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Date of Birth/Age : |
28.01.1960 |
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Date of Appointment : |
01.10.2008 |
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DIN No.: |
00472369 |
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Other Directorship:
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Name : |
Mr. Amitkumar Rameshbhai Maheshwari |
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Designation : |
Whole-time director |
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Address : |
A-1/61, Sunview Tower, End of Gurukul Road, Ahmedabad-380061, Gujarat,
India |
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Date of Birth/Age : |
11.03.1978 |
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Date of Appointment : |
01.10.2008 |
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DIN No.: |
00472145 |
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Other Directorship:
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Name : |
Mr. Mayank Rasiklal Shah |
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Designation : |
Whole-time director |
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Address : |
D/704, Shilalekh, Shahibaug, Ahmedabad-380004, Gujarat, India |
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Date of Birth/Age : |
23.12.1964 |
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Date of Appointment : |
01.10.2008 |
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DIN No.: |
00472334 |
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Other Directorship:
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Name : |
Mr. Lekhaben Maheshwari Girishbhai |
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Designation : |
Whole-time director |
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Address : |
A/303, Spring Valley Flats, Ellisbridge, Ahmedabad-380006, Gujarat,
India |
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Date of Birth/Age : |
07.12.1961 |
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Date of Appointment : |
01.10.2008 |
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DIN No.: |
00472386 |
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Other Directorship:
|
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Girishbhai P. Maheshwari |
|
1391025 |
|
Mrs. Lekhaben G. Maheshwari |
|
1101900 |
|
Ms.
Yesha G. Maheshwari |
|
7575 |
|
Ms.
Kanika G. Maheshwari |
|
7500 |
|
Mr. G. P. Maheshwari HUF Karta
: Girish Maheshwari |
|
139500 |
|
Mr.
Mayanki R. Shah |
|
6000 |
|
Mr. Amitkumar R. Maheshwari |
|
346500 |
|
Total |
|
3000000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2011
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Laboratory Reagents, Bulk and Pharmacopoeial
Grade Chemicals. |
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|
|
|
Products : |
· Analytical Reagents · Research and Specialty Chemicals · Indicators and Stains · Pharmacopoeial Grade Chemicals · Phase Transfer Catalysts · HPLC Grade Solvents · Gradient Grade Solvents ·
Ion-Pairing Reagents |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
Corporation Bank, Industrial Finance Branch, 1st Floor,
Rangoli Complex, Opposite V.S. Hospital, Ellisbridge, Ahmedabad –
380006,Gujarat, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Pipara and Company Chartered Accountants |
|
Address : |
"Pipara Corporate House", Near Gruh Finance, Netaji Marg,
Law Garden, Ahmedabad- 380006, Gujarat, India |
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Tel. No.: |
91-79-40370370/ 374 |
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Fax No.: |
91-79-40370376 |
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E-Mail : |
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|
Website: |
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PAN No.: |
AABFP9063B |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 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 |
30.000 |
10.000 |
5.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
64.875 |
73.680 |
54.572 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
94.875 |
83.680 |
59.572 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
102.949 |
39.067 |
11.861 |
|
|
2] Unsecured Loans |
10.383 |
7.229 |
7.044 |
|
|
TOTAL BORROWING |
113.332 |
46.296 |
18.905 |
|
|
DEFERRED TAX LIABILITIES |
4.395 |
1.501 |
2.067 |
|
|
|
|
|
|
|
|
TOTAL |
212.602 |
131.477 |
80.544 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
154.791 |
44.588 |
42.060 |
|
|
Capital work-in-progress |
0.000 |
42.164 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
51.353
|
14.715 |
10.556 |
|
|
Sundry Debtors |
67.682
|
55.714 |
45.385 |
|
|
Cash & Bank Balances |
0.534
|
1.745 |
1.162 |
|
|
Other Current Assets |
2.929
|
3.460 |
1.967 |
|
|
Loans & Advances |
17.710
|
20.474 |
19.611 |
|
Total
Current Assets |
140.208
|
96.108 |
78.681 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
59.891
|
32.250 |
22.059 |
|
|
Other Current Liabilities |
8.910
|
7.528 |
10.717 |
|
|
Provisions |
13.596
|
11.605 |
7.421 |
|
Total
Current Liabilities |
82.397
|
51.383 |
40.197 |
|
|
Net Current Assets |
57.811
|
44.724 |
38.484 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
212.602 |
131.477 |
80.544 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
254.187 |
212.041 |
189.124 |
|
|
|
Other Income |
0.078 |
0.119 |
0.197 |
|
|
|
TOTAL (A) |
254.265 |
212.160 |
189.321 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Operating Expenses |
183.017 |
143.791 |
130.248 |
|
|
|
Personnel Expenses |
23.336 |
12.400 |
9.616 |
|
|
|
Establishment and Other Expenses |
12.219 |
8.183 |
10.103 |
|
|
|
Selling and Distribution Expenses |
19.457 |
13.971 |
10.945 |
|
|
|
Loss on Sale of Assets |
0.572 |
0.000 |
0.000 |
|
|
|
Increase/ (Decrease) in Stock |
(20.392) |
(2.653) |
3.465 |
|
|
|
TOTAL (B) |
218.209 |
175.692 |
164.377 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
36.056 |
36.468 |
24.944 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
5.109 |
3.736 |
2.117 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
30.947 |
32.732 |
22.827 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3.200 |
1.769 |
1.165 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
27.747 |
30.963 |
21.662 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
9.493 |
10.038 |
6.940 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
18.254 |
20.925 |
14.722 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
39.094 |
27.424 |
16.079 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
21.826 |
7.500 |
2.500 |
|
|
|
Dividend |
6.000 |
1.500 |
0.750 |
|
|
|
Tax on Dividend |
0.996 |
0.255 |
0.127 |
|
|
BALANCE CARRIED
TO THE B/S |
28.526 |
39.094 |
27.424 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
6.08 |
0.00 |
0.00 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
7.18
|
9.86 |
7.78 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.92
|
14.60 |
11.45 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.41
|
22.01 |
17.94 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.29
|
0.37 |
0.36 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.06
|
1.17 |
0.99 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.70
|
1.87 |
1.96 |
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 |
No |
|
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 |
No |
|
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] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
REVIEW OF OPERATIONS:
1. During the
year, the company has undergone a massive expansion of its manufacturing setup
financed through the bankers as well as the company's internal accruals.
2. During the
year, the company invested a large amount towards sales & distribution by
employing several highly experienced and qualified sales personnel and setting
up of stock points at Ghaziabad and Mumbai and expansion of its stock point at
Hyderabad. This investment was made to align with the expansion of
manufacturing setup and achieve higher sales growth from the output derived
from the new facility.
3. During the
year, the company has achieved a sales growth of 20% (Rs.254.187 millions),
however .profitability has reduced due to increased expenditure in setup of the
sales & distribution network. The company expects to encash this investment
in the coming years in the form of high growth and increased market share.
FUTURE PROSPECTS:
With the completion
of the expansion project of the manufacturing facility, a highly qualified and
trained sales team, and a robust distribution network the company plans to take
its business and profitability to the next level. Over the next few years the
company aims to become a market leader and explore various options of
associating with foreign companies through showcasing of its capabilities and
operate for mutual benefit.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate identity number of the company |
U24231GJ1998PLC034615 |
|
Name of the company |
FINAR CHEMICALS LIMITED |
|
Address of the registered office or of the principal place of business in India of the company |
208, Shail Complex, Near Shilp Building, Off C.G. Road, Ahmedabad – 380006,
Gujarat, India Email: info@finarchemicals.com
|
|
This form is for |
Modification of
charge |
|
Charge identification (ID) number of the charge to be modified |
80007282 |
|
Type of charge |
·
Book debts ·
Movable property (not being pledge) |
|
Particular of charge holder |
Corporation Bank, Industrial Finance Branch, 1st Floor, Rangoli
Complex, Opposite. V. S. Hospital, Ellisbridge, Ahmedabad - 380006, Gujarat Email: cb489@corpbank.co.in |
|
Nature of instrument creating charge |
Supplementary Common Deed of Hypothecation of Movables / Assets /
Debts dated 19th May, 2012 |
|
Date of instrument Creating the charge |
19/05/2012 |
|
Amount secured by the charge |
Rs.178.528 millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest
CC (Hyp.): 14.15% p.a. Adhoc CC Limit: 1.00% above the applicable rate
of CC Limit Term Loan: 14.70% p.a. Import / Inland LC: As per banks
prescribed rates and BG: As per banks prescribed rate. Terms of
Repayment As per existing terms Margin As per existing terms Extent and
Operation of the charge To cover entire credit facilities granted by the Bank |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
Entire stock both present and future of raw materials consisting of
Acetic Acid, Methanol, IPA, Chloroform, Trichloroethylene, Iodine, Iodide,
etc., stock in process, finished goods consisting of formulations of organics and Inorganic Chemicals such as Benzyl
Alchohol, Methanol, T.H.F., Silver Nitrate, etc., which now belongs to and
may hereafter during the subsistence of the borrowers' liability belongs to the borrower and which are/shall/may be brought
into or stored or be in/upon the borrowers premises / godown at
184-185-186/p, Village Chacharwadi, Bavla, Sarkhej-Bavla Highway, Ahmedabad, 4-1-11/A, Tilak Road, Opposite Posenett Bhavan,
Hyderabad-500001 and / or any other premises or wherever else or in the
course of transit or delivery to the borrower. 2. Entire receivables / book debts of the Company both present and
future. 3. Entire present and future movable fixed assets of the Company viz.,
Office Equipments, Furnitures and Fixtures, Plant and Machinery, electrical
installation, etc., held by the Company within their factory and office premises or at any other place. |
|
Date of instrument modifying the charge |
15.12.2011 |
|
Particulars of the present modification |
By this modification the Bank has granted Adhoc CC Limit of Rs. 15.000
millions and overall limit of this charge is enhanced to Rs. 178.528 millions
The detail break up of the facilities granted are mentioned below: CC (Hypo of Stock and Book Debts): Rs. 75.000 millions, TL: Rs. 35.812
millions, Adhoc CC Limit: Rs. 15.000 millions, Import/Inland LC: 20.000
millions, TL: Rs.31.716 millions, BG: Rs. 1.000 millions. Total aggregate limit is Rs. 178.528 millions. |
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Electric Fiting
·
Electric lnsttalation
·
Laboratory Equipment
·
Furniture and Fixture
·
Air Conditioner
·
Computer and Printer
·
Other Office Equipmnet
·
Mobile Phone
·
Refrigerator
·
Delivery Van
·
Motor Car
·
Staff Buses
·
TATA Truck 809
·
TATA ACE
WEB DETAILS:
Initiated by the unrelenting drive of a spearheading group of individuals, the idea of venturing into the chemicals industry was conceived in the year 1998, with which FINAR was born. Through its eight years of operations, FINAR has gained tremendous patronage and accomplished many of its fundamental objectives, in terms of products, services and customer satisfaction.
Based at Ahmedabad (Gujarat, India), FINAR is functionally fuelled by a
state-of-the-art manufacturing unit. The company also has a stock point at
Hyderabad (Andhra Pradesh, India).
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.55.44 |
|
|
1 |
Rs.89.31 |
|
Euro |
1 |
Rs.71.62 |
INFORMATION DETAILS
|
Report Prepared
by : |
MRI |
|
|
|
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
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 |
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.