MIRA
INFORM REPORT
|
Report Date : |
06.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
BENZO CHEM INDUSTRIES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Madhukunj, Ground Floor, Off Sayani Road, Shankar Ghanekar Marg, Prabhadevi,
Mumbai – 400025, Maharashtra |
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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 : |
01.12.1986 |
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|
|
|
Com. Reg. No.: |
11-041751 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs.70.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24100MH1986PTC041751 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMB11878G |
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|
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PAN No.: [Permanent Account No.] |
AAACB3369G |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer, Exporter and Importer of Pharmaceutical Bulk Drug
Intermediates. |
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|
|
|
No. of Employees
: |
350 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2100000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a part of RK Mohatta group. It I a well established company
having a good track record. The latest financials are not available. As per previous year’s, financial position seems to be strong.
Performance capacity is high. Liquidity position is good. Trade relations are
reported to be fair. Business is active. Payments are reported to be regular
and as per commitments. The company can be considered for normal business dealings at usual
trade terms and condition. Note : Due to technical error in the government sites, we hereby provide you the report with available details and we would provide you with a on the same company as soon as we get the additional information. |
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
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 |
CRISIL |
|
Rating |
Long term Rating: A- |
|
Rating Explanation |
Having adequate degree of safety regarding
timely servicing of financial obligation, it carry low credit risk. |
|
Date |
November, 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 PARTED BY
|
Name : |
Mr. Pawan |
|
Designation : |
Exim Manager |
|
Contact No.: |
91-22-43555888 |
|
Date : |
05.04.2013 |
LOCATIONS
|
Registered Office : |
Madhukunj, Ground Floor, Off Sayani Road, Shankar Ghanekar Marg,
Prabhadevi, Mumbai – 400025, Maharashtra, India |
|
Tel. No.: |
91-22-24320921/ 22/ 23/ 43555888 |
|
Fax No.: |
91-22-24320924 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
3500 Sq. ft |
|
Location : |
Owned |
|
|
|
|
Factory 1 : |
E-13 / 14, MIDC Area, Jalgaon- 425003, Maharashtra, India |
|
Tel. No.: |
91-257-2210241 |
|
Fax No.: |
91-257-2210441 |
|
Area : |
8100 Sq. ft |
|
Location : |
Owned |
|
|
|
|
Factory 2 : |
B-26/27, MIDC Area, Dasarkhed, Malkapur, Buldhana - 443101, Maharashtra, India |
|
Tel. No.: |
91-7267-252365 |
|
Fax No.: |
91-7267-252341 |
|
Area : |
24000 Sq. ft |
|
Location : |
Owned |
|
|
|
|
Factory 3 : |
Gitanjali Chemicals Private Limited F-35, MIDC Area, Jalgaon – 425003, Maharashtra, India |
|
Tel. No.: |
91-257-2210041/2272841 |
|
|
|
|
Factory 4 : |
W-24, MIDC, Chemical Zone, Ambernath [West] - 421501, India |
|
Tel. No.: |
91-251-2604616 / 2607228 |
|
|
|
|
Factory 5 : |
B-24/25, MIDC, Dasharkhed, District Budhana, Malkapur – 443101, Maharashtra, India |
DIRECTORS
(AS ON 30.09.2011)
|
Name : |
Mr. Surendra Kumar Mohatta |
|
Designation : |
Director |
|
Address : |
31, Lotus Court, 14, J Tata Road, Churchgate, Mumbai-400026,
Maharashtra, India |
|
Date of Birth/Age : |
01.09.1955 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
01.12.1986 |
|
DIN No.: |
00388893 |
|
|
|
|
Name : |
Mr. Gaurav Mohata |
|
Designation : |
Director |
|
Address : |
31, Lotus Court, 14, J Tata Road, Churchgate, Mumbai-400026,
Maharashtra, India |
|
Date of Birth/Age : |
03.07.1981 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
01.11.2004 |
|
DIN No.: |
00604061 |
|
|
|
|
Name : |
Mrs. Vimladevi Mohatta |
|
Designation : |
Director |
|
Address : |
31, Lotus Court, J. Tata Road, Churchgate, Mumbai – 400020, Maharashtra, India |
|
Qualification : |
B. Com |
|
Date of Appointment : |
10.11.1987 |
|
DIN No.: |
01637277 |
KEY EXECUTIVES
|
Name : |
Mr. Pawan |
|
Designation : |
Exim Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2011)
|
Names of Shareholders (Equity Shares) |
|
No. of Shares |
|
|
|
|
|
Ravi Kumar Mohatta HUF |
|
298500 |
|
Surendra Kumar Mohatta |
|
515000 |
|
Madhu Mohatta and S K Mohatta |
|
196500 |
|
Vimladevi Mohatta |
|
547000 |
|
Surendra Kumar Mohatta HUF |
|
540000 |
|
Satyawatidevi Mohatta |
|
18000 |
|
Gaurav Rubber Works Private Limited, India |
|
585000 |
|
Gaurav Mohatta |
|
570000 |
|
Gitanjali Chemicals Private Limited, India |
|
316500 |
|
Surendra Kumar Mohatta |
|
540000 |
|
Ravi Kumar Mohatta |
|
298500 |
|
Madhu Mohatta |
|
398500 |
|
Surendra Kumar Mohatta |
|
479500 |
|
Gaurav Mohatta HUF |
|
298500 |
|
Ishita Mohatta |
|
398500 |
|
|
|
|
|
Total |
|
6000000 |
|
Names of Shareholders (Preference Shares) |
|
No. of Shares |
|
|
|
|
|
Gitanjali Chemicals Private Limited, India |
|
500000 |
|
Surendra Kumar Mohatta & Ravi Kumar Mohatta |
|
500000 |
|
|
|
|
|
Total |
|
1000000 |
(AS ON 30.09.2011)
Equity Shares Break – up
|
Category |
|
Percentage |
|
|
|
|
|
Bodies corporate |
|
11.75 |
|
Directors or relatives of Directors |
|
88.25 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of Pharmaceutical Bulk Drug
Intermediates. |
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Products : |
·
Bulk Drugs / API’S ·
Phenol Derivatives ·
Benzaldhyde Derivatives Aldehyde Derivatives ·
Benzyl Alcohol Derivatives ·
Speciality Products ·
Biocides ·
Benzyl Chloride Derivatives ·
Benzyl Cyanide Derivatives ·
Phenyl Acetic Acid Derivatives |
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Exports : |
|
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Products : |
Pharmaceutical Intermediates |
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Countries : |
·
Germany ·
France ·
Britain ·
Japan ·
Spain ·
Italy |
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Imports : |
|
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Products : |
Raw Material |
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Countries : |
·
China ·
Netherland ·
Japan |
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Terms : |
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Selling : |
L/C, Cash and Credit (30-60 days) |
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Purchasing : |
L/C, Cash and Credit (30-60 days) |
PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Unit |
Actual
Production |
|
Various Organic and In-Organic Products |
MT |
3400.827 |
NOTE:
1. The Aggregate
installed capacity of the plants is inherently of a versatile and multi purpose
nature and fluctuates according to the mix of the production programme. However
the same is estimated on an empirical basis as follows which is certified by a
director and relied upon by the auditors.
|
JALGAON UNIT |
1100 M. T. P. A. |
|
MALKAPUR UNIT-I |
1100 M. T. P. A. |
|
MALKAPUR UNIT-II |
1800 M. T. P. A. |
2. Out of the above production the under mentioned quantities have been used
as captive consumption in further processing.
|
PRODUCT NAME |
MT |
|
Various Organic and In-Organic Products |
562.275 |
GENERAL INFORMATION
|
Customers : |
·
Wholesalers ·
Retailers ·
End Users |
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No. of Employees : |
350 (Approximately) |
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Bankers : |
· Canara Bank 12, Shishu Mandir Building, 12 Gokhale Society Lane, Parel, Mumbai –
400012, Maharashtra, India Contact No.: 91-22-24135962 |
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Facilities : |
Cash Credit: Rs.40.000 Millions Packaging Credit: Rs.130.000 Millions Import LC: Rs.80.000 Millions Bank Guarantee: Rs.80.000 Millions
|
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Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
M. Saboo and Company Chartered Accountants |
|
Address : |
D-9/002, Yogi Nagar, Eksar Road, Borivali (West), Mumbai – 400091,
Maharashtra, India |
|
Tel. No.: |
91-22-28980943/28983624 |
|
Fax No.: |
91-22-28983624 |
|
PAN No.: |
AKMPS8826N |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9000000 |
Equity Shares |
Rs.10/- each |
Rs.90.000 Millions |
|
1000000 |
Preference Shares |
Rs.10/- each |
Rs.10.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.100.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6000000 |
Equity Shares |
Rs.10/- each |
Rs.60.000 Millions |
|
1000000 |
Preference Shares |
Rs.10/- each |
Rs.10.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.70.000
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 |
70.000 |
35.000 |
35.000 |
|
|
2] Share Application Money |
0.000 |
35.000 |
35.000 |
|
|
3] Reserves & Surplus |
464.839 |
305.600 |
139.012 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
534.839 |
375.600 |
209.012 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
176.586 |
157.223 |
78.371 |
|
|
2] Unsecured Loans |
92.629 |
109.468 |
124.517 |
|
|
TOTAL BORROWING |
269.215 |
266.691 |
202.888 |
|
|
DEFERRED TAX LIABILITIES |
30.571 |
22.686 |
13.067 |
|
|
|
|
|
|
|
|
TOTAL |
834.625 |
664.977 |
424.967 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
464.047 |
381.970 |
273.029 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
4.566 |
18.850 |
3.850 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
143.819
|
131.027
|
66.604
|
|
|
Sundry Debtors |
278.669
|
160.875
|
111.559
|
|
|
Cash & Bank Balances |
6.043
|
20.746
|
17.406
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
156.367
|
112.910
|
80.412
|
|
Total
Current Assets |
584.898
|
425.558 |
275.981
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
123.296
|
73.948
|
79.524
|
|
|
Other Current Liabilities |
0.000
|
0.000
|
0.000
|
|
|
Provisions |
95.860
|
87.791
|
48.791
|
|
Total
Current Liabilities |
219.156
|
161.739 |
128.315
|
|
|
Net Current Assets |
365.742
|
263.819 |
147.666
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.270 |
0.338 |
0.422 |
|
|
|
|
|
|
|
|
TOTAL |
834.625 |
664.977 |
424.967 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1058.363 |
1047.272 |
736.027 |
|
|
|
Other Income |
|
1.274 |
1.279 |
|
|
|
TOTAL (A) |
1058.363 |
1048.546 |
737.306 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials |
|
495.029 |
440.275 |
|
|
|
Manufacturing Expenses |
|
132.768 |
70.387 |
|
|
|
Employees Remuneration |
|
40.243 |
30.439 |
|
|
|
Increase/(Decrease) in Finished Goods |
841.550 (including
financial expenses) |
(7.589) |
(11.307) |
|
|
|
Preliminary Expenses W/off |
0.084 |
0.096 |
|
|
|
|
Other Expenditure |
106.193 |
88.738 |
|
|
|
|
TOTAL (B) |
|
766.728 |
618.628 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
281.818 |
118.678 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
35.151 |
13.106 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
216.813 |
246.667 |
105.572 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
33.612 |
23.914 |
8.273 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
183.201 |
222.753 |
97.299 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
7.100 |
39.000 |
27.685 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H)
(I) |
176.101 |
183.753 |
69.614 |
|
|
|
|
|
|
|
|
|
Less |
Prior Period
Expenses |
0.202 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
Provision for
Deferred Tax |
7.885 |
9.619 |
7.577 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
188.800 |
42.212 |
7.721 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
20.000 |
20.000 |
20.000 |
|
|
|
Dividend Tax |
1.250 |
1.096 |
1.096 |
|
|
|
Proposed
Dividend (Equity Shares) Subject to Tax |
7.000 |
6.000 |
6.000 |
|
|
|
Proposed
Dividend (Preference Shares) Subject to Tax |
0.525 |
0.450 |
0.450 |
|
|
BALANCE CARRIED
TO THE B/S |
328.039 |
188.800 |
42.212 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods on FOB basis |
NA |
709.205 |
447.221 |
|
|
TOTAL EARNINGS |
NA |
709.205 |
447.221 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Value of Imports on CIF Basis |
NA |
334.413 |
232.972 |
|
|
TOTAL IMPORTS |
NA |
334.413 |
232.972 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
26.80 |
61.25 |
23.20 |
|
|
Particulars |
|
|
31.03.2012 |
|
Sales Turnover (Approximately) |
|
|
1750.000 (Due to
Expansion of Business) |
Expected Sales (2012-13): Rs.1780.000.000 Millions
The above information has been parted by Mr. Pawan.
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
16.64
|
17.52
|
9.44
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
21.27
|
13.22
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
17.47
|
27.58
|
17.72
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.34
|
0.59
|
0.46
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.50
|
0.71
|
0.97
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.67
|
2.63
|
2.15
|
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
(Rs. In Millions) |
||
|
|
|
|
|
|
Creditors due
small micro enterprises |
123.296 |
73.948 |
79.524 |
|
Creditors due
others |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
Total |
123.296 |
73.948 |
79.524 |
|
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 |
Yes |
|
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 |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm / promoter
involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
No |
|
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 |
UNSECURED LOANS
|
Particulars |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
|
|
|
|
|
|
Loans taken for vehicles unsecured |
1.566 |
0.619 |
|
Public deposits unsecured |
69.030 |
67.274 |
|
Deposits related parties unsecured |
10.690 |
29.517 |
|
Other debt unsecured |
11.343 |
12.058 |
|
|
|
|
|
Total |
92.629 |
109.468 |
OPERATIONS
The working of the
units at Jalgaon and Malkapur was satisfactory during the year. The working of
the new unit at Malkapur (EOU Unit) was also satisfactory. The profits earned
from this new EOU unit of the company would be exempt from the income tax. The
Company continued its efforts to develop new products at its R& D centre at
Ambernath, Mumbai.
The Company has
achieved a sales turnover of Rs.1058.363 Millions as against PY Rs.1048.547
Millions and has earned net profit of Rs.183.201 Millions as against P.Y of
Rs.227.554 Millions.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U24100MH1986PTC041751 |
|
Name of the
company |
BENZO CHEM
INDUSTRIES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Madhu Kunj, Off
Sayani Road, Shankar Ghanekar Marg, Prabhadevi, Mumbai-400025, Maharashtra,
India Email : msaboo898@yahoo.co.in |
|
This form is for |
Modification of
charge |
|
Charge
identification (ID) number of the charge to be modified |
90235809 |
|
Type of charge |
Book Debts Movable Property Floating Charge |
|
Particular of
charge holder |
Canara Bank, Shishu Mandir Building, 12 G. S. Lane, Parel, Mumbai – 400012,
Maharashtra, India Email : vlaxman@vsnl.com |
|
Nature of
instrument creating charge |
Supplemental
Common Hypothecation Agreement |
|
Date of
instrument Creating the charge |
18.08.2011 |
|
Amount secured by
the charge |
Rs.385.000
Millions |
|
Brief of the
principal terms and conditions and extent and operation of the charge |
Rate of Interest Interest as may
be stipulated by Bank from time to time Terms of
Repayment Working Capital
facility shall be repayable on Demand Term Loan shall
be repayable in suitable installments Margin As may be
stipulated by Bank from time to time Extent and
Operation of the charge The Company
hypothecates to and charges in favour of the Bank, all the company's Assets as security for
due payment of the credit facilities together with interest, costs and other
charges payable by company to the Bank |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Hypothecation of
machinery described the Supplemental Common Hypothecation Agreement dated
18th August, 2011 Primary Security
for OCC: Hypothecation on Company's entire Stocks of Raw Material, Semi
Finished and Finished Goods. Primary Security
for Term Loan: E 13/14 MIDC Area,
Jalgaon and B 26/27, MIDC Area, Dasarkhed, Malkapur. Collateral
Security: Plot No.13, 14, Area Jalgaon, admg 4050 sq.mt. each, Plot No.24-25
MIDC Dasarkhed, Malkapur, Plot No.26-27 MIDC Dasarkhed, Malkapur admg. 24800
sq.mt., machineries,
Ambernath property at MIDC Area Shed
at W-24, Chemical Zone, Ambernath, India |
|
Date of
instrument modifying the charge |
05.03.2010 |
|
Particulars of
the present modification |
The charge shall
now stand reduced upto Rs.385.000 Millions (comprising CC of Rs.30.000
Millions, FLC/LC of Rs.80.000 Millions,
Guarantee of Rs.15.000 Millions, PC/FDB/FBE of Rs.110.000 Millions and
TL of Rs.150.000 Millions) |
OPERATIONS:
The working of the
units at Jalgaon and Malkapur was satisfactory during the year. The working of
the new unit at Malkapur (EOU Unit) was also satisfactory. The profits earned
from this new EOU unit of the company would be exempt from the income tax. The
Company continued its efforts to develop new products at its R and D centre at
Ambernath, Mumbai.
The Company has
achieved a sales turnover of Rs.1058.363 Millions as against Previous Year
Rs.1048.547 Millions and has earned net profit of Rs.183.201 Millions as
against Previous Year of Rs.227.554 Millions.
FIXED ASSETS:
·
Advance for Office
·
Leasehold Land
·
Factory Building
·
Plant and Machinery
·
Miscellaneous Machinery
·
Electrical Installation
·
Furniture and Fixtures
·
Office Equipment
·
Vehicles
·
Computer
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.54.65 |
|
|
1 |
Rs.82.41 |
|
Euro |
1 |
Rs.70.08 |
INFORMATION DETAILS
|
Information
Gathered by : |
JML |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
52 |
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.