MIRA
INFORM REPORT
|
Report Date : |
11.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
KRISHNA ANTIOXIDANTS PRIVATE LIMITED |
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Registered
Office : |
1, Oriental Apartments, Jeevan Bimanagar, Opposite LIC, Shopping
Centre, Borivali (West), Mumbai – 400 003, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
08.05.1990 |
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Com. Reg. No.: |
11-056459 |
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Capital
Investment / Paid-up Capital : |
Rs. 70.000 millions |
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|
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CIN No.: [Company Identification
No.] |
U65990MH1990PTC056459 |
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IEC No.: |
0398043001 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
MUMK11049D |
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PAN No.: [Permanent Account No.] |
AAACK1793M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Speciality Chemicals and also involved in
Contract Manufacturing. |
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No. of Employees
: |
140 (Approximately) |
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 |
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Maximum Credit Limit : |
USD 804000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record.
There appears some continuous dip in the profitability of the company.
However, networth of the company is satisfactory. 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.
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
BBB (Long Term Rating) |
|
Rating Explanation |
Moderate degree of safety. It carry moderate credit risk. |
|
Date |
4th March, 2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
A3+ (Short Term Raring) |
|
Rating Explanation |
Moderate degree of safety. It carry higher credit risk. |
|
Date |
4th March, 2013 |
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 : |
Ms. Mangala |
|
Designation : |
Export Executive |
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Contact No.: |
91-22-28942213 |
|
Date : |
08.03.2013 |
LOCATIONS
|
Registered Office / Account and Administration Office : |
1, Oriental Apartments, Jeevan Bimanagar, Opposite LIC, Shopping
Centre, Borivali (West), Mumbai – 400 003, Maharashtra, India |
|
Tel. No.: |
91-22-28957195/28952367/28942892/28942213/28954842 |
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Fax No.: |
91-22-28910320/28935071 |
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E-Mail : |
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Website : |
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Area : |
2915 Sq. ft. |
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Location : |
Rented |
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Export Office : |
A/12, Ground Floor, Shantikrupa CHSL, Opposite Shanti Ashram Bus
Depot, Borivali (West), Mumbai – 400 103, Maharashtra, India |
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Area : |
400 Sq. ft. |
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Location : |
Rented |
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|
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Research and Development Centre 1 : |
Plot No. 42 and 43, Sector II,
Gauraipada, Vasai Taluka Industrial Estate, Vasai (East), Thane – 401 208,
Maharashtra, India |
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Area : |
400 Sq. ft. |
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Location : |
Rented |
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Research and Development Centre 2
: |
Located at: ·
Dombivali, Thane, Maharashtra, India |
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Corporate Office
1 : |
107-108, 1st Floor, |
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Tel. No.: |
91-22-28952367 / 28954842 |
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Fax No.: |
91-22-28910320 / 28935071 |
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E-Mail : |
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Area : |
2100 Sq. ft. |
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Location : |
Owned |
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Corporate Office
2 : |
Opposite Yashraj Studios, Off Link Andheri (West), Mumbai – 400053,
Maharashtra, India |
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Factory : |
A – 13, Gane Khadpoli MIDC, Chiplun, District Ratnagiri – 415 605,
Maharashtra, India |
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Tel. No.: |
91-235-237416 |
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Area : |
14399 Sq. ft. |
|
Location : |
Owned |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Anil Hariprasad Gupta |
|
Designation : |
Whole Time Director |
|
Address : |
11, AFCO Co-Operative Housing Society, A2/2 Jeevan Bimanagar, Borivali
(West), Mumbai – 400 103, |
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Date of Birth/Age : |
23.11.1950 |
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Date of Appointment : |
08.05.1990 |
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DIN No.: |
01363167 |
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|
|
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Name : |
Mr. Krishna Hariprasad Gupta |
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Designation : |
Whole Time Director |
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Address : |
53/58, Jeevan Bima Nagar, A-6/1 Jeevan Aradhana Borivali (West),
Mumbai – 400 103, Maharashtra, India |
|
Date of Birth/Age : |
04.06.1940 |
|
Date of Appointment : |
08.05.1990 |
|
DIN No.: |
01337454 |
KEY EXECUTIVES
|
Name : |
Mr. Dhiraj Krishna Gupta |
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Designation : |
Manager |
|
Address : |
53/58, Jeevan Bima Nagar, A-6/1 Jeevan Aradhana Borivali (West),
Mumbai – 400 103, |
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Date of Appointment : |
01.04.2006 |
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PAN No.: |
AEMPG9544F |
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|
|
|
Name : |
Mr. Mitul Krishnagopal Gupta |
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Designation : |
Manager |
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Address : |
53/58, Jeevan Bima Nagar, A-6/1 Jeevan Aradhana Borivali (West),
Mumbai – 400 103, Maharashtra, India |
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Date of Birth/Age : |
21.11.1970 |
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Date of Appointment : |
01.04.2008 |
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PAN No.: |
AADPG2772L |
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Name : |
Ms. Mangala |
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Designation : |
Export Executive |
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|
Name : |
Mr. Ramesh Wani |
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Designation : |
Head – Administration |
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Name : |
Mr. Dhiraj Gupta |
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Designation : |
Head – Purchase and Material |
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Name : |
Mr. Wilfred Fernandes |
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Designation : |
Head – Human Resource Development |
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Name : |
Mr. Frederick Pinto |
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Designation : |
Head – Finance |
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Name : |
Mr. Mohan Rao |
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Designation : |
Head – Information Technology |
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Name : |
Mr. Samir Gupta |
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Designation : |
Head – Marketing / Sales |
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Name : |
Mr. T. Rahman |
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Designation : |
Head – Manufacturing / Works |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
|
|
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|
Anil Hariprasad Gupta |
|
43500 |
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|
47500 |
|
Mitul Krishna Gupta |
|
2500 |
|
Veena Anil Gupta |
|
6500 |
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TOTAL
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|
100000 |
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Speciality Chemicals and also involved in
Contract Manufacturing. |
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Products : |
·
Cosmetic Ingredient ·
Oil Refinery Additives ·
Paint Chemicals ·
Plastic Additives ·
Textile Chemicals ·
Crop Protection Chemicals ·
Oilfield Chemicals ·
Pharmaceutical Intermediates ·
Rubber Chemicals ·
Biofuels ·
Lubricants ·
Water Treatment ·
Drilling Additive ·
Production Chemicals ·
Fuel Additives |
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Brand Names : |
CRISTOL |
PRODUCTION STATUS
|
Particulars |
Unit |
Capacity
Utilization (%) |
Installed
Capacity |
Actual
Production |
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|
|
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|
Pour Point Depressants Lubrication Oil |
Metric Tons |
40.95 |
3600.00 |
1474.31 |
|
Phosphite/Esters |
Metric Tons |
62.75 |
3780.00 |
2371.79 |
|
ET/Deoiler |
Metric Tons |
10.71 |
288.00 |
30.85 |
GENERAL INFORMATION
|
Suppliers : |
·
C. J. Shah and Company ·
Reliance Industries Limited ·
China Man – Made Fiber Corporation ·
S.I. Group India Limited ·
Chem Edge International Private Limited |
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Customers : |
Manufacturers, Buying Agents, Government Bodies and End Users ·
Scomi Oil Tools Sdn bhd ·
Polimeri Europa SPA ·
Lamberti S.P.A ·
Energy Chemicals Company |
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No. of Employees : |
140 (Approximately) |
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Bankers : |
Bank of Baroda, Mount Poinsur Branch, I.C. Colony, Church Compound, Borivali
(West), Mumbai – 400 103, Maharashtra, India |
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Facilities : |
Note: 1. Cash Credit
facilities including Packing Credit are secured by Hypothecation of current assets
namely stocks, book debts and D. P. Note signed by the Company and the
'General Undertaking of the Company etc. 2. Loans under
Buyers Credit are secured by an exclusive charge on the assets and equipments
procured under the facility. 3, The Rupee Short
Term Loans are secured by mortgage and second charge of immovable properties
of the Company, both present and future. They are further secured by second
charge on all movables and movable machinery, machinery spares and
accessories both present and future 4. The above
loans facilities are secured by personal guarantee of two directors of the
Company. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
U. B. Shah and Company Chartered Accountants |
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Address : |
1st Floor, 13 Diamond Building, Pathak Wadi, Lohar Chawl,
Mumbai-400002, Maharashtra, India |
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PAN No.: |
AADPS8007Q |
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Associates/Subsidiaries : |
·
Akrur Chemicals Private Limited ·
Globe Industries ·
Mahendra Kumar ·
Swastik General Traders ·
Core Chemicals Private Limited |
CAPITAL STRUCTURE
As on 30.09.2011
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs. 100/- each |
Rs. 50.000 millions |
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Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
|
100000 |
Equity Shares |
Rs. 100/- each |
Rs. 10.000
millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
10.000 |
10.000 |
2.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
191.134 |
181.900 |
172.577 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
201.134 |
191.900 |
175.077 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
115.615 |
174.264 |
89.225 |
|
|
2] Unsecured Loans |
26.959 |
30.297 |
38.505 |
|
|
TOTAL BORROWING |
142.574 |
204.561 |
127.730 |
|
|
DEFERRED TAX LIABILITIES |
5.157 |
5.037 |
8.074 |
|
|
|
|
|
|
|
|
TOTAL |
348.865 |
401.498 |
310.881 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
123.494 |
101.845 |
99.647 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
1.320 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
134.019
|
230.673 |
121.028
|
|
|
Sundry Debtors |
172.432
|
114.895 |
174.018
|
|
|
Cash & Bank Balances |
12.030
|
46.650 |
2.753
|
|
|
Other Current Assets |
0.000
|
0.000 |
0.000
|
|
|
Loans & Advances |
103.117
|
87.937 |
133.181
|
|
Total
Current Assets |
421.598
|
480.155 |
430.980 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
150.111
|
148.775 |
|
|
|
Other Current Liabilities |
15.214
|
13.309 |
|
|
|
Provisions |
32.222
|
18.418 |
72.792 |
|
Total
Current Liabilities |
197.547
|
180.502 |
219.746 |
|
|
Net Current Assets |
224.051
|
299.653 |
211.234 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
348.865 |
401.498 |
310.881 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1179.598 |
1013.466 |
1068.608 |
|
|
|
Other Income |
12.014 |
91.923 |
58.757 |
|
|
|
Export Incentive/ Advance License |
74.598 |
0.000 |
0.000 |
|
|
|
TOTAL |
1266.210 |
1105.389 |
1127.365 |
|
|
|
|
|
|
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|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
890.455 |
865.061 |
731.179 |
|
|
|
Changes in
Inventories of Finished Goods, Work-in-Progress and Stock-in-Trade |
50.549 |
(62.110) |
17.898 |
|
|
|
Employee Benefits Expense |
60.335 |
0.000 |
0.000 |
|
|
|
Other Expenses |
197.424 |
0.000 |
0.000 |
|
|
|
Manufacturing Expenses |
0.000 |
91.229 |
78.999 |
|
|
|
Staff Cost |
0.000 |
35.246 |
36.488 |
|
|
|
Administrative Expenses |
0.000 |
34.200 |
34.666 |
|
|
|
Selling and Distribution Expenses |
0.000 |
71.223 |
58.582 |
|
|
|
TOTAL |
1198.763 |
1034.849 |
947.812 |
|
|
|
|
|
|
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|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
67.447 |
70.540 |
179.553 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
17.135 |
16.923 |
15.338 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
50.312 |
53.617 |
164.215 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
17.365 |
18.382 |
17.090 |
|
|
|
|
|
|
|
|
|
Less |
Exceptional
Items |
0.138 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE TAX |
32.809 |
35.235 |
147.125 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
11.900 |
9.995 |
59.481 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) AFTER TAX |
20.909 |
25.240 |
87.644 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividend |
|
10.000 |
7.500 |
|
|
|
Corporate Dividend Tax |
|
1.661 |
1.275 |
|
|
|
Under Provision of Earlier Year Tax |
|
0.000 |
0.833 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
13.579 |
78.036 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
707.181 |
640.344 |
566.625 |
|
|
TOTAL EXPORTS |
707.181 |
640.344 |
566.625 |
|
|
|
|
|
|
|
|
|
|
Earnings/(Loss) Per Share (Rs.) |
209.09 |
222.03 |
902.36 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
1.65
|
2.28 |
7.77 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.78
|
3.47 |
13.76 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.02
|
6.05 |
27.72 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16
|
0.18 |
0.84 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.70
|
1.06 |
0.72 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.13
|
2.66 |
1.96 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
||
|
|
|
|
|
|
Creditors for Goods |
123.142 |
106.925 |
|
|
Creditors for Packing Materials |
9.331 |
18.517 |
|
|
Creditors for Consumable Items |
0.454 |
0.298 |
|
|
Creditors for Capital Goods |
0.214 |
0.371 |
|
|
Creditors for Expenses |
13.698 |
12.670 |
|
|
Advances from Buyers |
3.272 |
9.994 |
|
|
|
|
|
|
|
TOTAL |
150.111 |
148.775 |
146.954 |
|
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 |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
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 |
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 |
UNSECURED LOAN:
(Rs. in Millions)
|
Particulars |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
|
|
|
|
Sales Tax
Deferment Loan - Unsecured Payable in 6 equal annual installments from 2012 to 2019 |
|
|
|
Deferred Sales Tax (From 1.5.2005 To 1.6.2014) |
0.010 |
0.010 |
|
Deferred Sales Tax Payable BST : 2011-12 |
0.000 |
0.423 |
|
Deferred Sales Tax Payable CST : 2011-12 |
0.000 |
0.663 |
|
Deferred Sales Tax Payable BST : 2012-13 |
0.563 |
0.563 |
|
Deferred Sales Tax Payable CST : 2012-13 |
0.660 |
0.660 |
|
Deferred Sales Tax Payable BST : 2013-14 |
0.683 |
0.683 |
|
Deferred Sales Tax Payable CST : 2013-14 |
0.584 |
0.584 |
|
Deferred Sales Tax Payable BST : 2014-15 |
0.624 |
0.624 |
|
Deferred Sales Tax Payable CST : 2014-15 |
0.388 |
0.388 |
|
Deferred Sales Tax Payable BST : 2015-16 |
0.473 |
0.473 |
|
Deferred Sales Tax Payable CST : 2015-16 |
0.366 |
0.366 |
|
Deferred Sales Tax Payable BST : 2016-17 |
0.298 |
0.298 |
|
Deferred Sales Tax Payable CST : 2016-17 |
0.256 |
0.256 |
|
Deferred Sales Tax Payable BST : 2017-18 |
0.158 |
0.158 |
|
Deferred Sales Tax Payable CST : 2017-18 |
0.127 |
0.127 |
|
Deferred Sales Tax Payable EST : 2018-19 |
0.012 |
0.012 |
|
|
|
|
|
From Directors
and Relatives of Directors and Others |
|
|
|
From Directors |
8.090 |
9.234 |
|
From Shareholder |
2.000 |
11.134 |
|
From Relatives of Directors |
6.266 |
3.474 |
|
From Others |
5.400 |
9.400 |
|
|
|
|
|
TOTAL |
26.959 |
30.297 |
CONTINGENT
LIABILITY
Contingent Liability not provided for, in respect of: -
(Rs. in millions)
|
PARTICULARS |
31.03.2012 |
|
|
|
|
Estimated amount
of contracts remaining to be executed on Capital account |
0.119 |
|
For Bank Guarantee |
17.264 |
|
For Letter of Credit |
55.061 |
|
Claims representing
legal demand filed against the Company for loss of Container not acknowledged
as debts US $ 26000 equivalent to INR 50.71(45.14) |
1.318 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U65990MH1990PTC056459 |
|
Name of the
company |
KRISHNA
ANTIOXIDANTS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
1, Oriental Apartments, Jeevan Bimanagar, Opposite LIC, Shopping Centre,
Borivali (West), Mumbai – 400 003, e-mail: kapl@bom2.vsnl.net.in
|
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
80022779 |
|
Type of charge |
Book Debts Movable Property |
|
Particular of
charge holder |
Bank of Baroda, Mount Poinsur Branch, I.C. Colony, Church Compound,
Borivali (West), Mumbai – 400 003, Maharashtra, India e-mail: poinsu@bankofbaroda.com
|
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental
Composite Agreement of Hypothecation of Goods, Book-Debts, Moveable Machinery
and Vehicles Dated 01.11.2012 |
|
Date of instrument
Creating the charge |
01.11.2012 |
|
Amount secured by
the charge |
Rs. 395.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Base Rate +3.75% P.A.
i.e. 14.25% p.a. with monthly rests subject to change as per Bank's
Guidelines Terms of Repayment On Demand Margin 25% on Stocks and
25% on Book Debts Extent and Operation of the charge Hypothecation by way
of First Charge all the borrower's stocks of raw materials, stock in process,
finished goods, consumable spares and packing materials, all the book-debts
in respect of supplies made to various govt. Department or limited companies
etc. machinery of the borrower including all stores and spare parts, both
present and future, belonging to the borrower being and lying at the
borrower's premises or godowns. The Charge is to operate to the extent of Rs.
395.000 millions Others The borrower
hereby agrees that the charge created on the hypothecated premises under the
principal hypothecation agreement of goods, book-debts, movable machinery,
stocks and vehicles shall extend and henceforth shall also be a continuing
security to secure the total enhanced/ revised limit of Rs. 395.000 millions |
|
Short particulars
of the property charged |
Hypothecation by
way of First Charge all the borrower's stocks of raw materials, stock in
process, finished goods, consumable spares and packing materials, all the
book-debts in respect of supplies made to various govt. Department or limited
companies etc. machinery of the borrower including all stores and spare
parts, both present and future, belonging to the borrower being and lying at
the borrower premises or godowns. The Charge is to operate to the extent of
Rs. 395.000 millions |
|
Date of latest
modification prior to the present modification |
28.10.2010 |
|
Particulars of
the present modification |
By the Present Modification
Dated 01.11.2012 the Bank has enhanced/ revised the total credit facility
from Rs. 262.000 Millions to Rs. 395.000 Millions viz. Cash Credit
(Hypothecation of Stocks and Book Debts) Rs. 50.000 Millions with a sub limit
(DAUE) Parking Limit at Chiplun Rs. 2.500 Millions, Baroda Gold Card for
Exporters Rs. 20.000 Millions, PC/FBP/FBD/PSDL Rs. 95.000 Millions, Bill
Discounting under LC Rs. 20.000 Millions, LC (Import/Inland) DPDA usuance 120
Days Rs. 155.000 Millions, Bank Guarantee Rs. 40.000 Millions and Forward
Contract Rs.15.000 Millions. |
FIXED ASSETS:
·
Freehold Land – Chiplun
·
Freehold Land – Gujarat
·
Leasehold Land
·
Factory Buildings
·
Factory Plant Shed
·
Office Premises
·
Flat at Vasai
·
Mathura Cottage
·
Computers
·
Laboratory Equipments
·
Books & Periodicals
·
Office Equipments
·
Plants Machinery
·
Furniture
·
Vehicles
WEBSITE DETAILS:
COMPANY PROFILE:
Krishna
Antioxidants Private Limited (hereinafter referred to as 'the Company' or
'KAPL') was incorporated on 8th
May 1990
under the name Krishna Fiscals Private Limited. On 9th August
1996, its
name was changed to the present name.
The Company is
engaged in the manufacture and export of specialty chemicals. It is also
involved in contract manufacturing.
The products of
the Company are sold under the brand name 'CRISTOL'
The products of
the Company are used in various industry segments like lubricants, plastics,
rubber, oil exploration, refineries, fuels, water treatment, paints,
pharmaceuticals, personal care, agrochemicals, etc.
The Company is
headquartered at Mumbai, Maharashtra Its manufacturing facility is located at
Chiplun, Ratnagiri district, Maharashtra. It has two research centers, one at
Vasai (East) and other at Dombivli, Thane district, Maharashtra. It also has
two branch offices located at Borivali, Maharashtra.
The Company caters
to both domestic and international market and generates around 67% of its
revenue from the international market. It exports its products to markets such
as Middle East, Asia Pacific, Europe, United States of America, etc.
Following are the
other companies / entities of the group:
·
Akrur Chemicals Private
Limited (Engaged in manufacture of speciality chemicals)
·
Core Chemicals Private Limited (Engaged in
manufacture of speciality chemicals)
·
Globe Industries
(Engaged in manufacture of speciality chemicals)
·
Swastik General Traders (Non-operational company)
·
Mahendra Kumar (Non-operational company)
As informed, the
Company faces stiff competition from multinational companies operating in the
same product segment, particularly from phosphite manufacturers, oil field
chemicals and lubricant additive manufacturers.
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 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 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.54.40 |
|
|
1 |
Rs.81.56 |
|
Euro |
1 |
Rs.71.24 |
INFORMATION DETAILS
|
Information Gathered
by : |
PDT |
|
|
|
|
Report Prepared
by : |
NID |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
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.