MIRA INFORM REPORT
|
Report Date : |
24.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
AUCHTEL PRODUCTS LIMITED (w.e.f. 09.05.1997) |
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Formerly Known
As : |
HENKEL CHEMICALS (INDIA) LIMITED (w.e.f. 1996) DIAMOND SHAMROCK (INDIA) LIMITED (w.e.f. 1973) NOPCO ( |
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Registered
Office : |
142/C, Victor House, N. M. Joshi Marg, Lower Parel, Mumbai – 400018,
Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
24.08.1965 |
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Com. Reg. No.: |
11-013303 |
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Capital
Investment / Paid-up Capital : |
Rs. 8.036
Millions |
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CIN No.: [Company Identification
No.] |
U24100MH1965PLC013303 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA20348G MUMA22491A |
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PAN No.: [Permanent Account No.] |
AAACH0975L |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer, Exporter
and Importer of Chemicals used in Textiles, Paper, Leather, Wire, Drawing,
Paint, Construction, Dyestuff, Oil Fields, Refinery, Agro/ Fertilizers. |
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No. of Employees
: |
300
(Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
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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 330000 |
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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 subsidiary of ‘Auchlite Chemical Private Limited’. It is
a well established company having a fine track record. Trade relations are reported
as decent. Business is active. Payments are reported to be regular and as per
commitments. The company can be considered good 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.
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. Sameer |
|
Designation : |
Account Executive |
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Contact No.: |
91-22-40632600 |
|
Date : |
23.05.2013 |
LOCATIONS
|
Registered Office/ Corporate : |
142/C, Victor House, N. M. Joshi Marg, Lower Parel, Mumbai – 400018,
Maharashtra, India |
|
Tel. No.: |
91-22-24933975
(10 Lines) / 40632600 (100 Lines) |
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Fax No.: |
91-22-24939755/
24974211/ 40632627/ 40632672 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory 1 : |
Plot No. A-85, A-86 / C-22, MIDC Industrial Estate, Dombivli (East),
Dist. Thane, |
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Factory 2 : |
D-1, MIDC Estate,
Mirzole Industrial Estate, Ratnagiri – 415612, |
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Branch Office : |
Located at: ·
Mumbai ·
Ahmedabad ·
Chennai ·
·
·
Kolkata |
DIRECTORS
AS ON 28.09.2012
|
Name : |
Mr. Rajiv Haridas Tandon |
|
Designation : |
Chairman cum Managing Director |
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Address : |
3/64, Vishnu Puri, Nawab Gunj, Kanpur – 208002, Uttar Pradesh, India |
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Date of Birth/Age : |
05.08.1952 |
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Date of Appointment : |
22.11.1988 |
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DIN No.: |
00004772 |
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Name : |
Mrs. Deepa Rajiv Tandon |
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Designation : |
Whole-time Director |
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Address : |
3/64, Vishnu Puri, Nawab Gunj, Kanpur – 208002, Uttar Pradesh, India |
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Date of Birth/Age : |
18.12.1957 |
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Date of Appointment : |
09.05.1997 |
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DIN No.: |
00004795 |
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Name : |
Mr. Atul Manubhai Desai |
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Designation : |
Director |
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Address : |
C/62, Vella Road View, 14 Tardeo Road, Hajiali, Mumbai – 400034,
Maharashtra, India |
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Date of Birth/Age : |
27.01.1950 |
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Date of Appointment : |
28.09.2012 |
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DIN No.: |
00019443 |
KEY EXECUTIVES
|
Name : |
Mr. Sameer |
|
Designation : |
Account Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 28.09.2012
|
Names of Shareholders |
No. of Shares |
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|
Rajiv Tandon |
37753 |
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Rajiv Haridas Tandon- HUF |
1 |
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Rajiv Tandon- HUF |
1 |
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Haridas Tandon- HUF |
1 |
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Premo Tandon- HUF |
1 |
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Deepa Tandon |
1 |
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Prateecha Tandon |
1 |
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Prateek Tandon |
1 |
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Auchlite Chemicals Private Limited, |
42600 |
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TOTAL |
80360 |
AS ON 28.09.2012
|
Equity Shares Break – up |
Percentage |
|
Bodies corporate |
53.02 |
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Directors or relatives of Directors |
46.98 |
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TOTAL |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer,
Exporter and Importer of Chemicals used in Textiles, Paper, Leather, Wire, Drawing,
Paint, Construction, Dyestuff, Oil Fields, Refinery, Agro/ Fertilizers. |
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Products : |
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Exports : |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
Cash, Credit |
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Purchasing : |
Cash, Credit |
PRODUCTION STATUS (AS ON 31.03.2011)
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Particulars |
Unit |
Actual Production |
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Speciality Industrial chemicals |
(Tons) |
4990.00 |
|
Wire drawing Compounds |
(Tons) |
0.00 |
|
Leather Tanning Agents |
(Tons) |
1162.40 |
|
Oil and Well Chemicals |
(Tons) |
86.50 |
|
Ion Exchange
Resins |
(Cubic Meters) |
5204.60 |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
300 (Approximately) |
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Bankers : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
J N Sharma and Company Chartered Accountants |
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Address : |
58/4, |
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PAN No.: |
AAAFJ6568N |
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Holding Company : |
· Auchlite Chemical Private Limited · CIN No.: U24111UP1996PTC020834 |
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Associates Company : |
· Upaasi Investment and finance Private Limited · Asian Chemical Product Company |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
200000 |
‘A’ Equity Shares |
Rs.100/- each |
Rs. 20.000 Millions |
|
300000 |
‘B’ Equity Shares |
Rs.100/- each |
Rs. 30.000 Millions |
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Total |
|
Rs. 50.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
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|
32144 |
‘A’ Equity Shares |
Rs. 100/-
each |
Rs. 3.214
Millions |
|
48216 |
‘B’ Equity Shares |
Rs. 100/-
each |
Rs. 4.822
Millions |
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Total |
|
Rs. 8.036 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
8.036 |
8.036 |
8.036 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
74.657 |
75.399 |
77.094 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
82.687 |
83.435 |
85.130 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
99.944 |
75.465 |
148.100 |
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TOTAL BORROWING |
99.944 |
75.465 |
148.100 |
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DEFERRED TAX LIABILITIES |
1.181 |
1.704 |
2.219 |
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TOTAL |
183.812 |
160.604 |
235.449 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
14.334 |
17.526 |
21.071 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
25.908 |
5.666 |
98.251 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
96.608
|
77.136
|
54.822
|
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Sundry Debtors |
232.511
|
222.509
|
193.932
|
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Cash & Bank Balances |
38.237
|
57.360
|
57.159
|
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Other Current Assets |
0.122
|
0.105
|
0.128
|
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Loans & Advances |
80.356
|
67.643
|
54.912
|
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Total
Current Assets |
447.834
|
424.753
|
360.953 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditor |
267.068 |
252.780 |
209.652
|
|
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Other Current Liabilities |
23.186
|
20.552
|
21.071
|
|
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Provisions |
14.010
|
14.009
|
14.103
|
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Total
Current Liabilities |
304.264
|
287.341
|
244.826
|
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Net Current Assets |
143.570
|
137.412
|
116.127
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
183.812 |
160.604 |
235.449 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
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SALES |
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Income From Operations |
864.538 |
767.599 |
617.580 |
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Other Income |
8.939 |
7.917 |
8.135 |
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TOTAL (A) |
873.477 |
775.516 |
625.715 |
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Less |
EXPENSES |
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Cost of Material Consumed |
593.377 |
511.241 |
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Changes in Inventories of Stock-in-process and Finished Goods |
(13.385) |
(9.987) |
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Employee Benefits Expenses |
57.914 |
57.455 |
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Other Expenses |
199.224 |
181.156 |
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Bad Debts Written Off |
0.404 |
0.294 |
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TOTAL (B) |
837.534 |
740.159 |
573.398 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
35.943 |
35.357 |
52.317 |
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Less |
FINANCIAL
EXPENSES (D) |
14.507 |
14.911 |
20.852 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
21.436 |
20.446 |
31.465 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3.192 |
3.545 |
3.241 |
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PROFIT BEFORE
TAX (E-F) (G) |
18.244 |
16.901 |
28.224 |
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Less |
TAX (H) |
4.977 |
4.586 |
8.339 |
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PROFIT AFTER TAX
(G-H) (I) |
13.267 |
12.315 |
19.885 |
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PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
NA |
47.431 |
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APPROPRIATIONS |
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Transfer to General Reserve |
NA |
NA |
2.822 |
|
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|
Interim and Final Dividend |
NA |
NA |
12.054 |
|
|
|
Tax on Interim and Final Dividend |
NA |
NA |
2.049 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
NA |
50.391 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
184.711 |
160.413 |
113.469 |
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TOTAL EARNINGS |
184.711 |
160.413 |
113.469 |
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IMPORTS |
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Raw Materials |
182.649 |
136.076 |
59.963 |
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TOTAL IMPORTS |
182.649 |
136.076 |
59.963 |
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Earnings Per
Share (Rs.) |
165.00 |
153.00 |
247.00 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
1.52
|
1.59
|
3.18
|
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Net Profit Margin (PBT/Sales) |
(%) |
2.12
|
2.21
|
4.60
|
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.95
|
3.82
|
7.39
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Return on Investment (ROI) (PBT/Networth) |
|
0.22
|
0.20
|
0.33
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Debt Equity Ratio (Total Debt/Networth) |
|
1.21
|
0.90
|
1.74
|
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Current Ratio (Current Asset/Current Liability) |
|
1.47
|
1.48
|
1.47
|
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 |
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 |
No |
|
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 |
No |
FACILITIES
UNSECURED LOANS
(Rs. In Millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
|
Long Term
Borrowings |
|
|
|
Sales Tax
Deferral Loan Availed under the 1993 Package Scheme of Incentives of Government of
Maharashtra (Repayable in five equal prescribed annual installments after ten
years from the date of furnishing the first return applicable for the benefit
availment period i.e. from January 1, 1999 to December 31. 2005) |
10.634 |
11.456 |
|
Short Term
Borrowings |
|
|
|
Loans and Advances From
Related Parties |
89.310 |
64.009 |
|
|
|
|
|
TOTAL
|
99.944 |
75.465 |
SUNDRY CREDITORS
DETAILS
(Rs.
In Millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Sundry Creditors
|
|
|
|
|
Micro, Small and Medium Enterprises |
7.235 |
6.269 |
6.269 |
|
Others |
259.833 |
246.511 |
203.383 |
|
|
|
|
|
|
TOTAL |
267.068 |
252.780 |
209.652 |
REVIEW OF
OPERATIONS
The Company was successful in strengthening its financial position during the year. The net sales turnover increased to Rs.864.540 Millions as against Rs.767.600 Millions in the previous year. This coupled with an increase in the 'Other Income' enabled the Company to earn total income of Rs.873.480 Millions as against Rs.775.520 Millions in the previous year. The Net profits after tax stood at Rs.13.260 Millions as against Rs.12.320 Millions in the previous year.
The Company continuous to enjoy the support of its customers by rendering quality products and services and consequently is able to sustain fair return to its stakeholders.
CONTINGENT
LIABILITY
I] contingent liabilities not provided for, in respect of:
(Rs.
In Millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
Claims by a customer against the company not acknowledged as debts |
0.310 |
0.310 |
II] Bank Guarantee (secured against margin money deposits) outstanding
at the year-end comprise of performance guarantees customers aggregating
Rs.5.811 Millions (Previous year Rs.5.169 Millions)
FIXED ASSETS:
·
·
Building and Roads
·
Plant and Machinery
·
Research and Development
Machinery
·
Electrical Machinery and
Installation
·
Furniture, Fixture, Water
Coolers and Computer
·
Air Conditioners, Water Cooler
and Refrigerators
·
Laboratory and other
Equipments
·
Vehicles
·
Fire Extinguishers
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. 55.99 |
|
|
1 |
Rs. 84.18 |
|
Euro |
1 |
Rs. 71.86 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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.