MIRA
INFORM REPORT
|
Report Date : |
20.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
CHEMINOVA INDIA LIMITED |
|
|
|
|
Registered
Office : |
Keshava, 7th Floor, Bandra Kurla Complex, Bandra (East), Mumbai
– 400051, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.12.2011 |
|
|
|
|
Date of
Incorporation : |
15.01.1986 |
|
|
|
|
Com. Reg. No.: |
11-038627 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 303.500 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24100MH1986PLC038627 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMC11333A/ MUMC11823A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACL1417E |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing of Technical Grade
Pesticides, Intermediates and Pesticides Formulations of different Pack
Size. |
|
|
|
|
No. of Employees
: |
Information denied by the Management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (65) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 6100000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is a well-established
and a reputed company having fine track. Financial position of the company
appears to be sound. Trade relations
are reported as fair. Business is active. Payments are reported to be regular
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.
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
A1 |
|
Rating Explanation |
Having very strong degree of safety regarding timely payment of financial
obligation it carry lowest credit risk. |
|
Date |
March 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.
INFORMATION DENIED BY
|
Name : |
Mr. Nilesh Bhuj |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-22-26590340 |
|
Date : |
18.09.2012 |
LOCATIONS
|
Registered / Corporate Office : |
Keshava, 7th Floor, Bandra Kurla Complex, Bandra (East),
Mumbai – 400051, Maharashtra, India |
|
Tel. No.: |
91-22-67045504 |
|
Fax No.: |
91-22-67045478 / 67045488 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
Plot No 242/P, G.I.D.C. Industrial Estate, Panoli,
District Bharuch - 394 116, Gujarat, India |
|
Tel. No.: |
91-02646-645843 / 46 / 47 / 48 / 53 |
|
Fax No.: |
91-02646-272255 / 272213 |
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|
|
|
Factory 2 : |
Plot No 241, G.I.D.C. Industrial Estate, Panoli, District
Bharuch - 394 116, Gujarat, India |
|
|
|
|
Factory 3 : |
Plot No 27, and 28, G.I.D.C. Industrial Estate, Panoli,
District Bharuch - 394 116, Gujarat, India |
|
|
|
|
Factory 4 : |
Plot No 229, G.I.D.C. Industrial Estate, Panoli, District
Bharuch - 394 116, Gujarat, India |
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|
|
|
Regional Office: |
Noida Flat No. 604 & 605, Chokhani Square, Sector - 18, Noida - 201 301, Uttar Pradesh, India Ahmedabad N.G. Warehousing, 1. Nar Narayan Estate, 1st Floor,
Narol-Isanpur Road, Hyderabad
Bangalore
Kolkata
|
|
|
|
|
Regional Offices
and Depot Locations : |
·
Noida - North Regional Office ·
Bathinda ·
Ludhiana ·
Hisar ·
Karnal ·
Ghaziabad ·
Indore ·
Jabalpur ·
Raipur ·
Ahmedabad - West Regional Office ·
Akola ·
Pune ·
Nagpur ·
Sriganganagar ·
Jaipur ·
Hyderabad - Central Regional Office ·
Vijayawada ·
Kurnool ·
Bhubhaneshwar ·
Bangalore - South Regional Office ·
Bellary ·
Warangal ·
Nellore ·
Gulbarga ·
Kottayam ·
Tiruchirapally ·
Kolkata - East Regional Office ·
Patna ·
Guwahati ·
Siliguri |
DIRECTORS
As on 14.05.2012
|
Name : |
Mr. Pramod Narayan Karlekar |
|
Designation : |
Managing Director |
|
Address : |
403, Anantashram, Road No. 9,
Near Sandu Wadi, Chembur, Mumbai – 400071, |
|
Date of Birth/Age : |
23.07.1959 |
|
Date of Appointment : |
16.06.2008 |
|
DIN No.: |
01776461 |
|
|
|
|
Name : |
Mr. Ajit Laxman Inamdar |
|
Designation : |
Whole Time Director |
|
Address : |
502/503, Sun and Breeze
Co-operative Housing Society, Sahakar Path, Opposite Gokul Arcade, Vile Parle
(East), Mumbai-400057, Maharashtra, India |
|
Date of Birth/Age : |
12.12.1951 |
|
Date of Appointment : |
05.04.2010 |
|
DIN No.: |
00895784 |
|
|
|
|
Name : |
Mr. Niels Morten Hjort |
|
Designation : |
Chairman and Director |
|
Address : |
Odinsvej – 52, 7620- Lemvig,
Denmark |
|
Date of Birth/Age : |
08.04.1963 |
|
Date of Appointment : |
10.10.2003 |
|
DIN No.: |
00051003 |
|
|
|
|
Name : |
Mr. Kurt Pedersen Kaalund |
|
Designation : |
Director |
|
Address : |
Kaj Munksvej, 8, Holstebro,
Denmark - 7500 |
|
Date of Birth/Age : |
21.12.1963 |
|
Date of Appointment : |
20.02.2008 |
|
DIN No.: |
01923594 |
|
|
|
|
Name : |
Mr. Mehernosh Meherji Behramkamdin |
|
Designation : |
Whole-time director |
|
Address : |
C-2, Ground Floor, Building –C, Godrej Baug, Off Nepean Sea Road,
Mumbai-400026, Maharashtra, India |
|
Date of Birth/Age : |
03.05.1952 |
|
Date of Appointment : |
05.04.2010 |
|
DIN No.: |
02893644 |
|
|
|
|
Name : |
Mr. Jesper Barslund Jacobsen |
|
Designation : |
Director |
|
Address : |
Haretonften 30, Holstebro, Denmark |
|
Date of Birth/Age : |
17.04.1973 |
|
Date of Appointment : |
26.10.2010 |
|
DIN No.: |
03303160 |
|
|
|
|
Name : |
Mr. Mats Rune Peter Edh |
|
Designation : |
Director |
|
Address : |
Dorfstrasse 132, Kilchberg, 8802, Switzerland |
|
Date of Birth/Age : |
09.08.1956 |
|
Date of Appointment : |
26.10.2010 |
|
DIN No.: |
03304763 |
KEY EXECUTIVES
|
Name : |
Mr. Nilesh Bhuj |
|
Designation : |
Accounts Manager |
|
|
|
|
Name : |
Mr. Nilesh Sureshchandra Buch |
|
Designation : |
Company Secretary |
|
Address : |
B-105, Building No.2, Shila Bina Co-op HSG Society, |
|
Date of Birth/Age : |
24.11.1965 |
|
Date of Appointment : |
04.04.1997 |
|
PAN No.: |
AADPB1694A |
|
|
|
MAJOR SHAREHOLDERS
As on 14.05.2012
|
Names of Shareholders |
No. of Shares |
|
Cheminova A/S, |
3034990 |
|
Anil V. Patil/ Cheminova A/S |
1 |
|
Radheshyam M. Rathi/ Cheminova
A/S |
1 |
|
Dennis Dias/ Cheminova A/S |
5 |
|
Alok Kanta Moitra/ Cheminova A/S |
1 |
|
Maruti R. Dharmadhikari/
Cheminova A/S |
1 |
|
Prashant V. Pradhan/ Cheminova
A/S |
1 |
|
|
|
|
Total |
3035000 |
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Technical Grade
Pesticides, Intermediates and Pesticides Formulations of different Pack Size. |
||||||||||
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Products : |
|
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|
|
PRODUCTION STATUS (As on
31.12.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Agrochemical Technical / Intermediate## |
Kgs. |
NA |
20556000 |
15512155 |
|
Agrochemical Formulation # |
Ltrs. Kgs. |
NA |
NA |
8339826 5854574 |
N. A.: Not
Applicable
Notes:
** It is not possible to determine the installed capacity for
Agrochemical Formulations since it would vary according to the product mix.
*** Actual Production is after adjusting processing losses, breakages,
shortages/excesses, etc.
# Actual Production of Agrochemical Formulations includes 661,190 Ltrs
& 5,407,956 Kgs (Previous year 417,628 Ltrs & 4,959,181 Kgs) produced
by Loan Licensee Units.
## Actual Production of Agrochemical Technical/ Intermediates includes
production for captive consumption 8,744,661 Kgs
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the Management |
|||||||||||||||||||||
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|
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|
Bankers : |
·
ABN Amro Bank N.V., 14; Veer Nariman Road, Bombay
– 400 023, Maharashtra, India ·
IDBI Bank Limited, IDBI Tower WTC Complex, Cuffee
Parade, Mumbai – 400 005, Maharashtra, India ·
The Hongkong and Shanghai Banking Corporation
Limited, 52/60, Mahatma Gandhi Road, Fort, Mumbai - 400001, Maharashtra,
India ·
Induslnd Bank, Ground Floor, Maker Chamber IV,
Nariman Point, Mumbai – 400 021, Maharashtra, India ·
Yes
Bank Limited, 9th floor,
Nehru centre, discovery of India, Dr. Annie Besant road, Worli, MUMBAI
400018, Maharashtra, India |
|||||||||||||||||||||
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|
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|
Facilities : |
|
|
|
|
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Banking
Relations : |
-- |
|
|
|
|
Financial
Institution: |
Banque Nationale De Paris, 62, Homji Street, Bombay – 400 001,
Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
12, |
|
Tel. No.: |
91-22-66679000 |
|
Fax No.: |
91-22-66679025 |
|
PAN No.: |
ABJPS8683B |
|
|
|
|
Ultimate Holding Company : |
·
Auriga Industries A/S, Denmark |
|
|
|
|
Holding Company : |
·
Cheminova As Incorporated In Denmark |
|
|
|
|
Fellow Subsidiaries : |
·
Cheminova Agro De Argentina S.A ·
Cheminova Brazil LTDA. ·
Cheminova Agro De Mexico S.A ·
Cheminova Taiwan Ltd. ·
Cheminova China Ltd. ·
Stahlertec Deutschland Gmbh |
CAPITAL STRUCTURE
As on 14.05.2012
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3515000 |
Equity Shares |
Rs.100/- each |
Rs. 351.500 Millions |
|
3380000 |
Preference Shares |
Rs.100/- each |
Rs. 338.000 Millions |
|
5000 |
Unclassified Shares |
Rs. 100/- each |
Rs. 0.500 Million |
|
|
|
|
|
|
|
Total |
|
Rs. 690.000
Millions |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3035000 |
Equity Shares |
Rs. 10/- each |
(A)Rs.
303.500 millions |
|
|
|
|
|
|
|
|
|
|
NOTE:
(A)
Of the above, 3,034,990 (P.Y. 3,034,990) Equity Shares
of Rs. 100 each are held by Cheminova A/S, Denmark, the holding company and the
remaining 10 Equity Shares of Rs. 100 each are held by the holding company
jointly with others.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
303.500 |
303.500 |
303.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1229.610 |
1271.344 |
1220.657 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1533.110 |
1574.844 |
1524.157 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
397.878 |
155.221 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
111.775 |
0.000 |
|
|
TOTAL BORROWING |
397.878 |
266.996 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
13.083 |
15.044 |
9.788 |
|
|
|
|
|
|
|
|
TOTAL |
1944.071 |
1856.884 |
1533.945 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
558.406 |
496.360 |
368.952 |
|
|
Capital work-in-progress |
132.489 |
57.415 |
88.394 |
|
|
|
|
|
|
|
|
INVESTMENT |
5.802 |
5.802 |
5.594 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1553.342
|
957.441
|
609.335 |
|
|
Sundry Debtors |
2537.268
|
1878.195
|
1265.738 |
|
|
Cash & Bank Balances |
220.837
|
385.223
|
464.730 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
345.475
|
193.584
|
148.288 |
|
Total
Current Assets |
4656.922
|
3414.443 |
2488.091 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2746.791
|
1806.244
|
1149.845 |
|
|
Other Current Liabilities |
176.966
|
162.949
|
108.871 |
|
|
Provisions |
485.791
|
147.943
|
158.370 |
|
Total
Current Liabilities |
3409.548
|
2117.136
|
1417.086 |
|
|
Net Current Assets |
1247.374
|
1297.307
|
1071.005 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1944.071 |
1856.884 |
1533.945 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
6651.439 |
5128.708 |
4084.482 |
|
|
|
Other Income |
60.894 |
42.464 |
23.443 |
|
|
|
TOTAL (A) |
6712.333 |
5171.172 |
4107.925 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption material changes expenses |
4111.310 |
3004.358 |
|
|
|
|
Manufacturing service costs |
408.499 |
328.827 |
|
|
|
|
Employee related expenses |
361.235 |
312.458 |
|
|
|
|
Administrative selling other expenses |
1216.984 |
797.982 |
|
|
|
|
TOTAL (B) |
6098.028 |
4443.625 |
3576.788 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
614.305 |
727.547 |
531.137 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
60.535 |
31.093 |
30.433 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
553.770 |
696.454 |
500.704 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
80.130 |
71.802 |
78.462 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
473.640 |
624.652 |
422.242 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
162.640 |
220.055 |
161.178 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
311.000 |
404.597 |
261.064 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
854.700 |
844.500 |
691.208 |
|
|
|
|
|
|
|
|
|
Less |
Premium
on Buyback of Equity Shares |
0.000 |
0.000 |
7.200 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
31.100 |
40.500 |
19.580 |
|
|
|
Transfer to Capital Redemption Reserve |
0.000 |
0.000 |
10.000 |
|
|
|
Dividend on Equity Shares |
303.500 |
303.500 |
0.000 |
|
|
|
Proposed Dividend on Equity Shares |
0.000 |
0.000 |
60.700 |
|
|
|
Dividend Distribution Tax on Equity Shares |
49.200 |
50.400 |
10.316 |
|
|
BALANCE CARRIED
TO THE B/S |
781.900 |
854.697 |
844.476 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
|
|
419.771 |
|
|
|
Research and Development Support Services |
|
|
2.078 |
|
|
|
Freight |
NA |
NA |
7.241 |
|
|
|
Reimbursement of Expenses |
|
|
5.467 |
|
|
TOTAL EARNINGS |
NA |
NA |
434.557 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
|
563.219 |
|
|
|
Stores & Spares |
NA |
NA |
0.000 |
|
|
|
Capital Goods |
|
|
3.431 |
|
|
TOTAL IMPORTS |
NA |
NA |
566.650 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
102.47 |
133.31 |
83.43 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
PAT / Total Income |
(%) |
4.63
|
7.82 |
6.36 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.12
|
12.17 |
10.34 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.08
|
15.97 |
14.78 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.30
|
0.39 |
0.28 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.48
|
1.52
|
0.94 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.36
|
1.61
|
1.76 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
(Rs. In Millions) |
||
|
|
|
|
|
|
Creditors due others |
2746.791 |
1806.244 |
1149.845 |
|
|
|
|
|
|
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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] |
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 |
PERFORMANCE:
They are pleased to
report continued trend of consistent growth in last four years. The Company
achieved net turnover of Rs. 6651.000 Million which was higher by 29.7% as
against Rs. 5129.000 Million of the previous year ended 31-12-2010. However
overall margins remained under pressure and the Company recorded profit before
tax which stood at Rs. 474.000 Million as compared to Rs. 625.000 Million in
year 2010.
As reported in our
last report that in line with the Cheminova group’s global strategy in the area
of product stewardship, your Company phased out DDVP Technical and its
derivative formulation viz. Luvon, which is catagorised as class 1 product by
WHO classification code. In order to balance out such product the Company
introduced range of formulations since the year 2009 onwards. It is now evident
that newly launched molecules in pesticide range of products were able to
establish their acceptance in the market. On technical products, higher
productivity was achieved coupled with improved production.
During the year the Company achieved Gross Profit before Interest,
Depreciation and Tax (PBDIT) for the year at Rs. 614.200 Million against Rs.
727.600 Million in the previous year 2010.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U24100MH1986PLC038627 |
|
Name of the
company |
CHEMINOVA INDIA
LIMITED |
|
Address of the
registered office or of the principal place of business in |
Keshava, 7th floor, bandra- kurla complex, Bandra
(E), Mumbai - 400 051 Maharashtra, India e-mail: nsb@cheminova.net |
|
This form is for |
Creation of
charge |
|
Charge
identification number of the modified |
|
|
Type of charge |
Book Debts Floating Charge Inventories |
|
Particular of
charge holder |
Yes Bank Limited,
9th floor, Nehru centre,
discovery of India, Dr. Annie Besant road, Worli, MUMBAI 400018, Maharashtra,
India E-mail: shareholders@yesbank.in |
|
Nature of
description of the instrument creating or modifying the charge |
Deed Of
Hypothecation dated 14.05.2012 |
|
Date of
instrument Creating the charge |
14.05.2012 |
|
Amount secured by
the charge |
Rs. 410.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As per mutual
agreement between the concerned parties as included in the sanction letters
from time to time Terms of Repayment As per mutual agreement
between the concerned parties as included in the sanction letters from time
to time Margin As per mutual
agreement between the concerned parties as included in the sanction letters
from time to time Extent and Operation of the charge First Pari passu
charges hypothecation of Stock and
book debt |
|
Short particulars
of the property charged |
First Pari passu
charges hypothecation of Stock and
book debt More particularly
described in schedule of deed of hypothecation |
CONTINGENT LIABILITIES
(As on 31.12.2011)
Contingent
Liabilities in respect of –
As on 31.12.2011
(Rs. in millions)
(a)Consumer
Disputes Redressal Forum (Rs.0.100 million deposit under protest) 0.100
(b)
Income Tax demand 20,014 The company has given a corporate counter guarantee
aggregating to Rs 5158.000 millions, to Gujarat Industrial Development
Corporation limited (GIDC) which has guaranteed debt financing arrangements of
Bharuch Eco Acqua Infrastructure limited (BEAIL) , a company formed for the
purposes of building deep sea pipeline project for managing waste disposal and
other infrastructure facilities for industrial units located in Panoli (an area
where the company's plant is located), Ankleshewar and Jagadhia and having
besides GIDC, certain other major industrial units, including the company, as its members. BEAIL
ensures the utilisation of its infrastructure facilities at an economical cost.
As per the terms of the guarantee, in the event of inability of BEAIL to repay
the debt, GIDC would require the company to contribute the guaranteed amount or
arrange for creating mortgage on its fixed assets till such amounts are paid as
per stipulations. In the opinion of the management, should such an event arise,
in consideration for company's contribution towards shortfall, the company would
receive equivalent equity participation.
FIXED ASSETS:
- Building
- Plant and Machinery
- Furniture and Fittings
- Motor Vehicle
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.54.26 |
|
|
1 |
Rs.88.15 |
|
Euro |
1 |
Rs.71.03 |
INFORMATION DETAILS
|
Information Gathered
by : |
PJA |
|
|
|
|
Report Prepared
by : |
NID |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
65 |
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.