MIRA INFORM REPORT

 

 

Report Date :

28th June 2006

 

IDENTIFICATION DETAILS

 

Name :

SANJAY CHEMICALS (INDIA) PRIVATE LIMITED

 

 

Registered Office :

507 Matru Chhaya, 378/380 Narsi Natha Street, Mumbai – 400009, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2004

 

 

Date of Incorporation :

20.10.2000

 

 

Com. Reg. No.:

11-129290

 

 

CIN No.:

[Company Identification No.]

U51434MH2000PTC129290

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMS27686B

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Dealers, Merchants, Agents, Distributors, Exporters and Importers of Chemicals, Fertilizers, including organic and inorganic chemicals, bulk drugs, fine chemicals, petro chemicals, industrial chemicals, acids, alkalies, drugs, medicines, solvents, adhesives, intermediates, dyestuffs, etc..

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 150000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established company having satisfactory track. Directors are reported as experienced, respectable and resourceful businessmen. Their trade relations are fair. Payments are correct and as per commitments.

 

The company can be considered good for normal business dealings. It can be regarded as a promising business partner in a medium to long-run.

 

LOCATIONS

 

Registered Office :

507 Matru Chhaya, 378/380 Narsi Natha Street, Mumbai – 400009, Maharashtra

Tel. No.:

91-22-23432291

Fax No.:

91-22-23415715

E-Mail :

sanjaychem@vsnl.com

 

DIRECTORS

 

Name :

Mr. Vijayraj M. Parmar

Designation :

Director

Address :

Ooranwala Mansion, 1st Floor, Dr. Ambedkar Marg, Parel, Mumbai – 400012.

Date of Birth/Age :

13.03.1944

Date of Appointment :

20.10.2000

 

 

Name :

Mr. Dilip V. Parmar

Designation :

Managing Director

Address :

Ooranwala Mansion, 1st Floor, Dr. Ambedkar Marg, Parel, Mumbai – 400012.

Date of Birth/Age :

14.03.1964

Date of Appointment :

20.10.2000

 

 

Name :

Mr. Manoj V. Parmar

Designation :

Director

Address :

Ooranwala Mansion, 1st Floor, Dr. Ambedkar Marg, Parel, Mumbai – 400012.

Date of Birth/Age :

14.03.1968

Date of Appointment :

20.10.2000

 

 

Name :

Mr. Sanjay V. Parmar

Designation :

Director

Address :

Ooranwala Mansion, 1st Floor, Dr. Ambedkar Marg, Parel, Mumbai – 400012.

Date of Birth/Age :

08.01.1974

Date of Appointment :

20.10.2000

 

KEY EXECUTIVES

 

Name :

K. S. and Associates

Designation :

Company Secretary

Address :

Mumbai

 

MAJOR SHAREHOLDERS

 

Names of Shareholders

No. of Shares

Percentage of Holding

Leela M. Parmar

1

0.00

Mangilal B. Parmar

1

0.00

0Advance Technologies Limited

115,724

25.00

Soni Infosys Limited

15,000

3.24

Vijayraj M. Parmar

115,725

25.00

Dilip V. Parmar

115,725

25.00

Manoj V. Parmar

100,724

21.76

TOTAL

462,900

100.00

 

BUSINESS DETAILS

 

Line of Business :

Dealers, Merchants, Agents, Distributors, Exporters and Importers of Chemicals, Fertilizers, including organic and inorganic chemicals, bulk drugs, fine chemicals, petro chemicals, industrial chemicals, acids, alkalies, drugs, medicines, solvents, adhesives, intermediates, dyestuffs, etc..

 

GENERAL INFORMATION

 

No. of Employees :

30

 

 

Bankers :
  • Development Credit Bank Limited, Mohamad Ali Road Branch, Mumbai – 400001.
  • Development Credit Bank Limited, Secunderabad
  • HDFC Bank, Mumbai

 

 

Facilities :

Rs. 21.000 millions w.e.f. 20.04.2001 against hypothecation of the whole of the movable property of the company.

 

Rs. 1.500 millions w.e.f. 21.01.2002 against hypothecation of tangible movable property.

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

MGB and Company

Chartered Accountants

Address:

Jolly Bhavan 2, 1st Floor, 7, New Marine Lines, Churchgate, Mumbai – 400020.

Tel. No.:

91-22-56332330

 

 

Associates/Subsidiaries :

Nil

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

650,000

Equity Shares

Rs. 10/-

Rs. 6.500 millions

10,000

11% Redeemable Non-cumulative preference shares

Rs. 100/-

Rs. 1.000 million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

612,900

Equity Shares

Rs. 10/-

Rs. 6.129 millions

10,000

11% Redeemable Non-cumulative preference shares

Rs. 100/-

Rs. 1.000 million

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 
ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2004

31.03.2003

31.03.2002

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

7.129

6.129

4.629

2] Reserves & Surplus/(Accumulated Losses)

29.136

19.184

5.028
NETWORTH

36.265

25.313

9.657

LOAN FUNDS

 

 

 

1] Secured Loans

0.436

3.485

5.238

2] Unsecured Loans

21.997

23.018

1.702
TOTAL BORROWING

22.433

26.503

6.940

DEFERRED TAX LIABILITIES

0.181

0.082

0.000
 

 

 

 
TOTAL

58.879

51.898

16.597
 

 

 

 
APPLICATION OF FUNDS

 

 

 
 

 

 

 
FIXED ASSETS [Net Block]

1.954

1.692

1.228
Capital work-in-progress

0.000

0.000

0.000
 

 

 

 
INVESTMENT

0.000

0.000

0.000
DEFERREX TAX ASSETS

0.000

0.000

0.000
 

 

 

 
CURRENT ASSETS, LOANS & ADVANCES

 

 

 
Inventories
11.900

7.629

 
 
Sundry Debtors
194.242

114.187

 
 
Cash & Bank Balances
8.384

3.814

85.753
 
Other Current Assets
0.000

1.641

 
 
Loans & Advances
5.315

2.214

 
Total Current Assets
219.841

129.485

85.753
Less : CURRENT LIABILITIES & PROVISIONS
 

 

 
 
Current Liabilities & Provisions
162.967

79.356

70.487
Net Current Assets
56.874

50.129

15.266
 

 

 

 
MISCELLANEOUS EXPENSES

0.051

0.077

0.103
 

 

 

 
TOTAL

58.879

51.898

16.597

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

31.03.2004

31.03.2003
Sales Turnover [including other income]

 

649.379

301.068
 

 

 

 
Profit/(Loss) Before Tax

 

1.741

1.140
Provision for Taxation

 

0.714

0.438
Profit/(Loss) After Tax

 

1.027

0.702
 

 

 

 
Import Value

 

42.886

24.211
 

 

 

 
Total Expenditure

 

647.445

299.804

 

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.03.2004

31.03.2003
PAT / Total Income
(%)
 

0.16

0.23
 
 
 

 

 
Net Profit Margin

(PBT/Sales)

(%)
 

0.27

0.38
 

 
 

 

 
Return on Total Assets

(PBT/Total Assets}

(%)
 

0.78

0.87
 

 
 

 

 
Return on Investment (ROI)

(PBT/Networth)

(%)
 

0.05

0.05
 

 
 

 

 
Debt Equity Ratio

(Total Liability/Networth)

(%)
 

5.11

4.18
 

 
 

 

 
Current Ratio

(Current Asset/Current Liability)

(%)
 

1.35

1.63

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

The entire operation of the company relates to only one segment viz. Trading in Chemicals.

 

Fixed assets

 

 

 

 

CMT REPORT [Corruption, Money laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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. 46.40

UK Pound

1

Rs. 84.50

Euro

1

Rs. 58.32

 

 

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

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

5

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

YES

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

46

 

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

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

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

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions