MIRA
INFORM REPORT
|
Report Date : |
27.11.2006 |
IDENTIFICATION
DETAILS
|
Name : |
S. D. FINE CHEM
LIMITED |
|
|
|
|
Registered Office : |
315-317, T. V.
Industrial Estate, 248 Worli Road, Mumbai-400025, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2003 |
|
|
|
|
Date of Incorporation : |
06.04.1977 |
|
|
|
|
Com. Reg. No.: |
11-19595 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U24100MH1977PTC019595 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS37176G |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACS5421L |
|
|
|
|
Legal Form : |
Closely Held A Public Limited Liability
Company |
|
|
|
|
Line of Business : |
Manufacturer of and Dealer in Chemicals,
Chemical Compounds and as Wholesaler and Retailer Chemists and Druggists,
Importers, Exporters, Manufacturer of and Dealers in Metallic Salts, Stains,
Indicators, Laboratory Chemicals, Acids, Alkalise, Amino Acids, Photographic
Chemicals, Agro Chemicals and Petrochemicals, 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
325000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well-established company having satisfactory track records. Directors are reported as experienced, respectable and resourceful businessmen. Their trade relations are reported as fair. Financial position is good. 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
|
Registered Office : |
315-317, T. V.
Industrial Estate, 248 Worli Road, Mumbai-400025, Maharashtra, India |
|
Tel. No.: |
91-22-24936114/96 |
|
Fax No.: |
91-22-24937232 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory
: |
27/28, MIDC, Tarapur Industrial Area, B-Road, Boisor - 401506, Maharashtra, India Survey No. 299, Village Poincha, Taluka Savli, District Vadodara |
DIRECTORS
|
Name : |
Mr. Shantilal D. Tolia |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
5-D, Cosmopolis, 21 L. D. Ruparel Marg,
Walkeshwar, Mumbai-400006, Maharashtra, India |
|
Date of Birth/Age : |
12th September, 1927 |
|
Date of Appointment : |
2nd January, 1978 |
|
|
|
|
Name : |
Mr. Ela S. Tolia |
|
Designation : |
Director |
|
Address : |
5-D, Cosmopolis, 21 L. D. Ruparel Marg,
Walkeshwar, Mumbai-400006, Maharashtra, India |
|
Date of Birth/Age : |
20th February, 1934 |
|
Date of Appointment : |
25th November, 1985 |
|
|
|
|
Name : |
Mrs. Hita S. Tolia |
|
Designation : |
Whole Time Director |
|
Address : |
5-D, Cosmopolis, 21 L. D. Ruparel Marg,
Walkeshwar, Mumbai-400006, Maharashtra, India |
|
Date of Birth/Age : |
11th February, 1960 |
|
Date of Appointment : |
25th November, 1985 |
|
|
|
|
Name : |
Mr. Sanjiv S. Tolani |
|
Designation : |
Whole Time Director |
|
Address : |
5-D, Cosmopolis, 21 L. D. Ruparel Marg,
Walkeshwar, Mumbai-400006, Maharashtra, India |
|
Date of Birth/Age : |
1st December, 1965 |
|
Date of Appointment : |
31st May, 1988 |
|
|
|
|
Name : |
Mr. Keshav Gopal Menon |
|
Designation : |
Director |
|
Address : |
Beaumon Chambers, 27/33, Nagindas Master
Road, For, Mumbai-400023, Maharshtra, India |
|
Date of Birth/Age : |
12th November, 1937 |
|
Date of Appointment : |
27th June, 1995 |
|
|
|
|
Name
: |
Mrs. Pooram G Tahilramancy |
|
Designation
: |
Director |
|
Address
: |
301, White House, N. Gamadia Road,
Mumbai-400026 |
|
Date
of Birth/Age : |
14th April, 1928 |
|
Date
of Appointment : |
26th June, 2003 |
|
|
|
|
Name
: |
Mr. Gopal K. Nair |
|
Designation
: |
Director |
|
Address
: |
8-Ahley House, 167-A, Colaba Road,
Mumbai-400005, India |
|
Date
of Birth/Age : |
2nd July, 1931 |
|
Date
of Appointment : |
17th September, 2002 |
KEY EXECUTIVES
|
Name
: |
Mr. Navin C. Patel |
|
Designation
: |
Company Secretary |
|
Address
: |
201,, Sarovar, Sagar Complex, Saibaba
Nagar, Borivli (West), Mumbai-400092, Maharashtra, India |
|
Date
of Birth/Age : |
23rd December, 1954 |
|
Date
of Appointment : |
7th March, 1992 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
|
Mr. Rahul K. Mehta |
3400 |
|
Mr. Lina K. Mehta |
3300 |
|
Mrs. Lalita K. Mehta |
3300 |
|
Mr. Sanjiv S. Tolia |
19000 |
|
Mr. Shantilal D. Tolia |
34998 |
|
Mr. Ela S. Tolia |
32000 |
|
Mrs. Hita S. Tolia |
8000 |
|
Mr. Harsukhlal C. Mavani |
1 |
|
Mrs. Kanta H. Mavani |
1 |
|
Total |
104000 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of and Dealer in Chemicals,
Chemical Compounds and as Wholesaler and Retailer Chemists and Druggists,
Importers, Exporters, Manufacturer of and Dealers in Metallic Salts, Stains,
Indicators, Laboratory Chemicals, Acids, Alkalise, Amino Acids, Photographic
Chemicals, Agro Chemicals and Petrochemicals, etc. |
|
|
|
|
Products : |
Organic and Inorganic Laboratory Chemicals |
GENERAL
INFORMATION
|
No. of Employees : |
80 |
|
|
|
|
Bankers : |
Not
Available |
|
|
|
|
Banking Relations : |
Satisfactory |
|
|
|
|
Auditors : |
B. S. Shah and Company Chartered Accountants 307, Embassy Centre, Jamnalal Bajaj Marg,
Nariman Point, Mumbai-400021, Maharashtra, India |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
200000 |
Equity Shares |
Rs. 10/- each |
Rs. 20.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
104000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.400 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
We are
trying for latest financials and a will be sent soon.
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2003 |
31.03.2002 |
31.03.2001 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
10.400 |
9.900 |
9.900 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
73.844 |
73.212 |
63.419 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
84.244 |
83.112 |
73.319 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
66.339 |
88.318 |
75.034 |
|
|
2] Unsecured Loans |
3.560 |
4.400 |
4.386 |
|
|
TOTAL BORROWING |
69.899 |
92.718 |
79.420 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
154.143 |
175.830 |
152.739 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
71.873 |
71.736 |
72.592 |
|
|
Capital work-in-progress |
0.080 |
0.180 |
0.159 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.097 |
0.076 |
0.076 |
|
|
DEFERREX TAX ASSETS |
(13.838) |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
53.605 |
79.308 |
82.287 |
|
|
Sundry Debtors |
75.282 |
76.696 |
54.264 |
|
|
Cash & Bank Balances |
8.558 |
6.100 |
4.106 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
16.911 |
8.816 |
7.383 |
|
Total Current Assets |
154.356
|
170.920 |
148.040 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities & Provisions |
58.425 |
67.082 |
68.128 |
|
Total Current Liabilities |
58.425
|
67.082 |
68.128 |
|
|
Net Current Assets |
95.931
|
103.838 |
79.912 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
154.143 |
175.830 |
152.739 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2003 |
31.03.2002 |
31.03.2001 |
|
Sales Turnover [including other income] |
408.231 |
382.176 |
332.927 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
23.190 |
14.055 |
10.748 |
|
Provision
for Taxation |
7.533 |
4.250 |
0.900 |
|
Profit/(Loss)
After Tax |
15.657 |
9.805 |
9.848 |
|
|
|
|
|
|
Export
Value |
49.624 |
44.782 |
28.320 |
|
|
|
|
|
|
Import
Value |
37.527 |
23.664 |
15.526 |
|
|
|
|
|
|
Total
Expenditure |
385.041 |
368.121 |
322.179 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2003 |
31.03.2002 |
31.03.2001 |
|
PAT / Total Income |
(%) |
3.83
|
2.56 |
2.95 |
|
|
|
|
|
|
|
Net
Profit Margin (PBT/Sales) |
(%) |
5.68
|
3.67 |
3.22 |
|
|
|
|
|
|
|
Return
on Total Assets (PBT/Total
Assets} |
(%) |
10.25
|
5.79 |
4.87 |
|
|
|
|
|
|
|
Return
on Investment (ROI) (PBT/Networth) |
|
0.27
|
0.16 |
0.14 |
|
|
|
|
|
|
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
1.52
|
1.92 |
2.01 |
|
|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
2.64
|
2.54 |
2.17 |
LOCAL AGENCY
FURTHER INFORMATION
Business
:
During the year 2002-03 subject’s gross sales including excise was Rs. 404.400 millions as compared to Rs. 378.700 millions in the previous year. The net profit for the year under report was Rs. 15.690 millions (previous year Rs. 9.805 millions after making provision for tax of Rs. 7.500 millions (previous year Rs. 4.250 millions).
The company’s fixed Assets of important values include freehold land, leasehold land, buildings, plant and machinery, furniture and fixtures, vehicles, office equipments and computers.
WEBSITE
DETAILS
S. D. Fine Chem Limited was established in 1978 as a manufacturer of
Laboratory chemicals. By 1987 they crossed the threshold of success to become
the largest producer of Laboratory Chemicals in South Asia. Presently, they
have two factories - one in Maharashtra and the other in Gujarat in India, with
a total built-up area of 20,000 sq. mts.
As a result of our belief in Total Quality Management and by adoption of the Quality
Assurance System, S. D. Fine Chem Limited has been able to produce
and market over 1800 products in over 3300 packs. Products that incorporate the
highest quality at the most competitive prices. Their GMP on the manufacturing
floor, modern instruments and techniques in quality control and the support of
well qualified, competent personnel (including several Ph. Ds and chemical
engineers) in the organisation, assure the quality they stand for.
Their products
range from routine analytical reagents to high speciality chemicals like HPLC
solvents (whose development they pioneered in India) and Biochemicals to name a
few. As a part of their ongoing development and expansion process, they are
widening their product range as well as upgrading their product standards on a
continual basis, to meet the challenges arising out of an ever changing
scenario in the scientific world and consequent increasing standards and demands
from their customers.
Their objective lies in being the foremost supplier of laboratory chemicals and
analytical instruments / glass and plastic labware in India. To this end, they
have established 12 stock points all over India to sell their products through
a group of 300 appointed stockists. The company's 70 odd sales force operating
all over India provides the ideal interface between the stockists and
customers.
They have over 500 rate contracts approved by various hospitals, colleges,
universities, research institutions, industries, etc. all over India. The
company reaches out to more than 5000 customers through its sales force and has
a fairly extensive geographical coverage, propagated by around 50,000
catalogues printed each year by the company and distributed to their customers.
They also possess a strong Technical Services department to assist their sales
force as well as their customers with regard to application, quality, and new
product development.
Today, as a consequence of their confidence, they aspire to offer tailor-made
production of chemicals and other processing services, in accordance with their
customers needs. A positive outcome of the synergistic fusion of marketing, purchase, R & D,
production, quality
control, distribution and other cross functional teams, all of which
will lead us to a better tomorrow,
characterizing their endeavour to become a one-stop shop in the arena of fine chemicals.
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.44.65 |
|
UK
Pound |
1 |
Rs.87.23 |
|
Euro |
1 |
Rs.58.96 |
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 |
6 |
|
--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 |
|
47 |
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 |
|