MIRA
INFORM REPORT
|
Report Date : |
23.11.2006 |
IDENTIFICATION
DETAILS
|
Name : |
SEAL GLOBAL- UNIT OF SEAL CHEMICAL INDUSTRIES
PRIVATE LIMITED |
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Registered Office : |
C-8/2, Vasant Vihar, New Delhi –
110057 |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
18.01.1990 |
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Com. Reg. No.: |
38949 |
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CIN No.: [Company
Identification No.] |
U74899DL1990PTC038949 |
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IEC No.: |
0590009141 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
-- |
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PAN No.: [Permanent
Account No.] |
AAACS4541H |
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Legal Form : |
Private limited liability company. |
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Line of Business : |
Manufacture, exporter and importer of Conservation of energy. In
essential import of industrial chemicals and is producing and products with
minimum possible energy consumption. Manufacturing of Organic Chemicals and
Inorganic Chemicals. These chemicals are used in Paint Industries, Ink
Industries, Rubber Industries, Pharmaceuticals Industries etc. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD
150000 |
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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 a well established company having satisfactory track.
Directors are reported as experienced, respectable and having satisfactory
means of their own. Their trade relations are fair. Payments are usually correct and
as per commitments. The company can be considered good for normal business dealings
at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
C-8/2, Vasant Vihar, New Delhi –
110057 |
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Tel. No.: |
91-11-26149700/26149800 |
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Mobile No.: |
91-9810979788 (Mr. Vivek) |
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Fax No.: |
91-1126146005 |
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E-Mail : |
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Website : |
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Area : |
200 sq.fts. |
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Location : |
Owned |
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North America Office : |
4370, Haydock Park
Drive, Mississauga - L5M 3C3, Ontario, Canada |
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E-Mail
: |
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Factory
1 : |
Pune,
Maharashtra - 100% Export Oriented Unit
Tel
No.: 91-20-25885811 Email: sealglobal@sealchemical.in
Baddi,
Himachal Pradesh - 100% Export Oriented Unit
Email: sealuniversal@sealchemical.in Roj-Ka-Meo,
Haryana 39,
Industrial Estate, Roj-Ka-Meo, Tehsil Nuh, District Gurgaon, Haryana Email: sealindia@sealchemical.in |
DIRECTORS
|
Name : |
Mr. G. V. Hiranandani |
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Designation : |
Director |
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Address : |
C-8/2, Vasant Vihar, New Delhi
– 110057 |
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Date of Birth/Age : |
65 years |
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Qualification : |
MTec/ Chemical |
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Experience : |
35 years |
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Name : |
Mr. Vivek Hira |
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Designation : |
Director |
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Address : |
C-8/2, Vasant Vihar, New Delhi
– 110057 |
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Date of Birth/Age : |
06.04.1970 |
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Qualification : |
Bcom/ MBA |
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Experience : |
14 years |
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Name : |
Mrs. Indira G. Hiranandani |
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Designation : |
Director |
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Address : |
C-8/2, Vasant Vihar, New Delhi
– 110057 |
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Name : |
Mrs. Mithu H. Hira |
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Designation : |
Director |
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Address : |
C-8/2, Vasant Vihar, New Delhi
– 110057 |
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Date of Birth/Age : |
14.06.1944 |
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Name : |
Mrs. Anjali Vivek Hira |
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Designation : |
Director |
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Address : |
C-8/2, Vasant Vihar, New Delhi
– 110057 |
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Date of Birth/Age : |
31.01.1973 |
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Date of Appointment : |
01.09.2006 |
MAJOR SHAREHOLDERS
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Names
of Shareholders |
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No. of Shares |
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Mr. G. V. Hiranandani |
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193,494 |
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Mr. Vivek Hira |
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141,196 |
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Mrs. Indra G. Hiranandani |
|
138,240 |
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Mrs. Mithu H. Hira |
|
154,440 |
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Mr. G. Dines Hiranandani |
|
9,698 |
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Mr. G. V. Hiranandani Karta |
|
24,230 |
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Rep. HV Hiranandani and Sons |
|
45,044 |
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Sapna G. Hiranandani |
|
200 |
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Shalini G. Hiranandani |
|
2,400 |
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Ram Sahab Verma |
|
12,000 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture, exporter and importer of Conservation of energy. In
essential import of industrial chemicals and is producing and products with
minimum possible energy consumption. Manufacturing of Organic Chemicals and
Inorganic Chemicals. These chemicals are used in Paint Industries, Ink
Industries, Rubber Industries, Pharmaceuticals Industries etc. |
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Product : |
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Exports to : |
USA, Germany, Russia, Italy, France, England, Japan, South
Korea, Taiwan, Puru and Brazil |
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Imports from : |
Spain, Russia, China, Italy, Africa and Belgium |
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Terms : |
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Selling : |
L/C, DA or DP terms |
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Purchasing : |
L/C, DA or DP terms |
GENERAL
INFORMATION
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Customers : |
Industrial chemical users |
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No. of Employees : |
55 |
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Bankers : |
v
Dena Bank, 53-54, Nehru Place, New Delhi - 110019, Delhi, India v
State Bank of India v
Corporation Bank, 3 Ansal Chamber, Bhikaji Cama Place, Delhi –
66. |
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Banking Relations : |
Satisfactory
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Auditors : |
P. B. Chopra and Company Chartered Accountants 612-612, Shakuntala Apartments, 59, Nehru Place, New Delhi –
110019, India |
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Associates/Subsidiaries : |
v
Seal Industries Inc. USA (a wholly owned subsidiary) o
Line of Business: Chemicals v
Seal Chemical Industries Limited, Canada, (Joint Venture
Company) o Line of Business: Chemicals |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
5,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
720,942 |
Equity Shares |
Rs. 10/- each |
Rs. 7.209 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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|
SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
7.209 |
7.209 |
7.209 |
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2] Reserves & Surplus |
31.771 |
26.899 |
20.563 |
|
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NETWORTH |
38.980 |
34.108 |
27.772 |
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LOAN FUNDS |
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1] Secured Loans |
8.589 |
0.007 |
0.216 |
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2] Unsecured Loans |
0.244 |
0.464 |
0.000 |
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TOTAL BORROWING |
8.833 |
0.471 |
0.216 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.468 |
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TOTAL |
47.813 |
34.579 |
28.456 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
7.775 |
11.010 |
9.021 |
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Capital work-in-progress |
15.304 |
0.000 |
0.000 |
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INVESTMENT |
6.394 |
6.394 |
5.779 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
11.444
|
9.405 |
6.515 |
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Sundry Debtors |
2.535
|
3.722 |
6.181 |
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Cash & Bank Balances |
3.662
|
4.526 |
1.884 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
4.244
|
2.770 |
3.137 |
|
Total Current Assets |
21.885
|
20.423 |
17.717 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
3.537
|
3.236 |
4.050 |
|
|
Provisions |
0.008
|
0.012 |
0.011 |
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Total Current Liabilities |
3.545
|
3.248 |
4.061 |
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Net Current Assets |
18.340
|
17.175 |
13.656 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
47.813 |
34.579 |
28.456 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
Sales Turnover [including other income] |
24.918 |
33.811 |
39.700 |
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Profit/(Loss)
Before Tax |
20.257 |
27.196 |
4.684 |
|
Provision
for Taxation |
4.661 |
6.615 |
0.447 |
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Profit/(Loss)
After Tax |
15.596 |
20.581 |
4.207 |
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Export
Value |
22.863 |
NA |
NA |
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Import
Value |
NA |
NA |
7.637 |
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Total
Expenditure |
20.257 |
27.196 |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
PAT / Total Income |
(%) |
62.59
|
60.87 |
10.60 |
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Net
Profit Margin (PBT/Sales) |
(%) |
81.29
|
80.44 |
11.80 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
68.30
|
86.52 |
17.52 |
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Return
on Investment (ROI) (PBT/Networth) |
|
0.52
|
0.80 |
0.17 |
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Debt
Equity Ratio (Total
Liability/Networth) |
|
0.32
|
0.11 |
0.15 |
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Current
Ratio (Current
Asset/Current Liability) |
|
6.17
|
6.29 |
4.36 |
LOCAL AGENCY
FURTHER INFORMATION
The company’s fixed assets of
important value includes Building, Furniture, Motor Car, Plant and Machinery,
Electricity Installation, Office Equipments and Computer Blocks.
Subject is in trade terms with
Kawa Metals Private Limited, Pune.
Seal Chemical Industries Private Limited
They are a registered private limited
company established in India in 1990. The company was established as a
100% Export Oriented Unit by Mr. G. V. Hira, the promoter and current
Chairman & Managing Director after acquiring 25 years of experience in
multinational companies.
Seal Chemical Industries Private
Limited is owned, managed by qualified and experienced technocrats, inducted
into the management team after rigorous training and international exposure.
They have three professionally managed manufacturing plants in India with
sophisticated, modern machinery with overseas operations & associates in
several countries.
The company is the pioneer in
manufacturing & export of metallurgical chemicals & products used for
metal extraction, metal purification and a wide range of specialty chemicals
used in different industries. They have been exporting their products
worldwide to over 30 Countries and delivering vital, critical inputs to their
esteemed customers across the globe, for the last 15 years on time, all the
time & every time.
They owe their success to their
loyal and dedicated customers, who have been very satisfied with
their high quality products. With their continued support &
encouragement for the last 15 years, they have grown to be an important
supplier to many customers across a vast industrial segment, spread throughout
the world.
Their
Client base ranges from the small traders to large institutional consumers,
buyer's from the private and government sector.
Motto: Quality
of Products and Service for Complete Customer Satisfaction.
Industry
Segment Serviced:
v
Primary metal smelting
v
Secondary metal smelting
v
Metal casting industries
v
Extrusion plants
v
Alloy Manufacturing
v
Abrasives and cutting tools
v
Refractory and Foundries
v
Electric Cables
v
Nuclear and Scientific R & D
v
Oil and gas
v
Adhesives
v
Pyrotechnics - Defense and Marine use
v
Capacitors and Semiconductors
v
Veterinary Products
v
Flame Retardants
Their multi-location manufacturing plants in India, produce the following products conforming to all existing International Standards
v
Hexachloroethane: High
Purity (99.8% minimum)
v
Magnesium Chloride(Anhydrous)
v
Degassing Tablets (for
Aluminium Smelter's & Foundries)
v
Grain Refining Tablets (for
Aluminium Smelter's & Foundries)
v
Foundry Chemicals/Foundry Fluxes
v
Cryolite
v
Potassium Fluoride
v
Potassium Fluoborate
v
Potassium Hexafluorotitanate
v
Potassium Hexafluorozirconate
v
Antimony Trioxide: High Purity
(99.6% minimum)
v
Antimony Trichloride
v
Antimony Metal Ingots/Powder
v
Magnesium Metal Ingots/Powder
v
Tri Butyl Phosphate
v
Zircon Sand
v
Columbite Ore (COLTAN)
v
Tantalite Ore
v
Tantalum Oxide, Tantalum Pentoxide
Powder
v
Potassium Tantalum Fluoride
v
Niobium Oxide Powder
v
Niobium ATR Powder
v
Cobalt Ore and Colbalt Oxide
Form 8 Particular for creation or modification of
charges
|
Corporation identity number or foreign company registrations number of the company |
U74899DL1990PTC038949 |
|
Name of the company |
SEAL CHEMICAL INDUSTRIES PRIVATE
LIMITED |
|
Address |
C-8/2, Vasant Vihar, New Delhi –
110057 |
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Type of Charges |
Movable Property |
|
Particular of the charge holder |
Dena Bank, 53-54,
Nehru Place, New Delhi - 110019,
Delhi, India |
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Nature or description of the instrument creating charge |
Declaration to be obtained from directors of the company regarding extension of equitable mortgage. |
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Date of the instrument creating charge |
17.10.2006 |
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Amount Secure by the charge |
Rs. 28.800 Millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
Mortgage charge on the property for the limits sanctioned to the company. |
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Description of the property charge whether it is a charge on |
Plant and Machinery, Book Debts and other |
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Date of instrument modifying the charge |
17.10.2006 |
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Particulars of the Property charged |
The immovable property being and situated at factory land and building 39, industrial estate, Rajkot, Tehsil, Gurgaon, Haryana, and other structure Fixed Plant and machinery, Fixture and Fittings, now constructed Erected and installed thereon or hereafter to be constructed erected or installed. |
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Name of the company |
Seal
Chemical Industries Private Limited |
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Presented By |
Dena Bank, 53-54,
Nehru Place, New Delhi - 110019,
Delhi, India |
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1) Date and description of instrument creating the change |
Hypothecation of Goods, Hypothecation of Movables, Plant and Machinery etc dated 27.10.1993 registered on 25.11.1993 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 5.110 millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of All stocks of raw materials, goods / stocks in the process and finished goods such as chemicals etc. All the tangible movable properties and assets of whatsoever nature including plant and machinery tools and accessories, stores, spares relating to the plant and machinery furniture and articles, office equipments computers and things. In additions to the above the facilities are secured by mortgage of property bearing no. 39 Industrial Estate, Rajkot Haryana and property no. 26 Godambewadi, Pune land in the name of GV Hirandani and building leased out to company. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Hypothecation of assets described in column 3 and such other assets of the nature mentioned in column 3 above as are may be at anytime in possession or power of the borrower company to secure the credit facilities to the extent of Rs. 5.11 millions granted by the bank and interest @ 6.75 % over RBI lending rate subject to the minimum of 18.75 % p.a. with quarterly rests further penal interest, commitments charges, etc, as per the banking Norma. Power of entry to appoint receiver to take possession and to sell, etc. more particularly describ3ed in agreement of hypothecation mentioned in para I hereinabove. |
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5) Name and Address and description of the person entitled to the charge. |
Dena Bank, 53-54, Nehru Place, New Delhi - 110019, Delhi, India |
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6) Date and brief description of instrument modifying the charge |
Agreement of Hypothecation Goods, Book debts and other movable assets to secured multiple facilities dated 27.04.2001 Previously modified on 15.03.1995, 28.06.1995, 01.02.1996, 03.06.1996 and 20.11.1998 and 01.06.1999 |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
The bank has agreed to continue / grant the following credit facilities :
The amount of charge over the stock, book debts and all tangible movable property and assets including plant and machinery etc of the borrower has been increased from Rs. 29.978 millions. |
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.44.87 |
|
UK
Pound |
1 |
Rs.85.99 |
|
Euro |
1 |
Rs.58.15 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--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 |
YES |
|
--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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|