MIRA
INFORM REPORT
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Report Date : |
04.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
A R SULPHONATES PRIVATE LIMITED |
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Registered Office : |
21 Princep Street, 2nd Floor, Kolkata – 700 072, West
Bengal, India |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
06.09.2004 |
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Com. Reg. No.: |
21-99677 |
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CIN No.: [Company
Identification No.] |
U24111WB2004PTC099677 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Linear Alkyl Benzene Sulphonic Acid, Spent Acid. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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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 77000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory
track records. Directors are reported as experienced and respectable
businessmen. Trade relations are fair. Business is active. Payments are
reported as usually correct and as per commitments. The company can be
considered normal for business dealings at usual trade terms and
conditions. |
LOCATIONS
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Registered Office : |
21 Princep Street, 2nd Floor, Kolkata – 700 072, West
Bengal, India |
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Tel. No.: |
91-33-22363056/ 22363055/ 22363849 |
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Fax No.: |
91-33-22219145 |
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E-Mail : |
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Website : |
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Administrative Office : |
9, Hemant Basu Sarani, 2nd Floor, Cooke & Kelvey
Building, Kolkata-700001, West Bengal, India |
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Tel. No.: |
91-33-22487239/ 22481866 |
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Fax No.: |
91-33-22138732 |
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E-Mail : |
sanjeev@foglagroup.com, rishi@foglagroup.com, ars@foglagroup.com |
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Factory : |
N-41, Additional Ambernath, MIDC, Anand Nagar, District Thane-421501,
Maharashtra, India |
DIRECTORS
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Name : |
Mr. Sandeep Fogla |
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Designation : |
Director |
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Address : |
38 Shibnath Sastri Sarani, Kolkata – 700 053, West Bengal, India |
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Date of Birth/Age : |
31.08.1965 |
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Date of Appointment : |
06.09.2004 |
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Name : |
Mr. Sanjeev Fogla |
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Designation : |
Director |
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Address : |
38 Shibnath Sastri Sarani, Kolkata – 700 053, West Bengal, India |
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Date of Birth/Age : |
10.05.1968 |
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Date of Appointment : |
06.09.2004 |
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Name : |
Mr. Rishi Fogla |
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Designation : |
Director |
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Address : |
38 Shibnath Sastri Sarani, Kolkata – 700 053, West Bengal, India |
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Date of Birth/Age : |
25.06.1986 |
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Date of Appointment : |
06.09.2004 |
SHAREHOLDING PATTERN
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Names of Shareholders |
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Percentage of
holding |
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Corporates |
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89.00 |
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Directors/ Relatives of Directors |
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4.00 |
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Others |
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7.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Linear Alkyl Benzene Sulphonic Acid, Spent Acid. |
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Imports from : |
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Products : |
Sulpheric Acid, Linear Alhyl Benzene |
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Exports to : |
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Countries : |
Argentina, Italy, Kenya, Libya, Mauritius, Nigeria, Qatar, Republic,
Yemen, Saudi Arabia, South Africa, Sri Lanka, Sudan, Syria, Tanzania, Turkey,
UAE, Ukraine, West Indies, Zambia and Zimbabwe. |
PRODUCTION STATUS
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Particulars |
Unit |
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Installed
Capacity |
Actual
Production |
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LABSA |
MT |
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30000000 |
12419883 |
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Spent Acid |
MT |
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-- |
10231380 |
GENERAL
INFORMATION
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No. of Employees : |
About 250 |
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Bankers : |
v Citi Bank NA
Kanak Building, 41, Chowringhee Road, Kolkata – 700 071, West
Bengal, India
Account No.: 0304342005 v Standard
Chartered Bank
19, N S Road, Kolkata – 700 001, West Bengal, India v Allahabad Bank v HDFC Bank |
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Facilities : |
The company enjoys mortgage facilities of Rs. 270.000 millions from
Citi Bank NA dated 12.01.2006 The company enjoys mortgage facilities of Rs. 50.000 millions from
Standard Chartered Bank dated 09.01.2007 |
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Banking
Relations : |
Reportedly Normal |
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Auditors : |
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Name : |
S K Bandyapadhyay & Company Chartered Accountants |
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Address : |
AE 23 Sector 1, 2nd Floor, Salt Lake City, Kolkata – 700
064, West Bengal, India |
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Tel. No.: |
91-33-23347067/ 23213094 |
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E-Mail : |
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Associates/
Subsidiaries : |
Sai Surfactants
Private Limited Legal Status : Private Limited Company Line of Business : Manufacturers and Exporters of Polypropylene (PP) Woven
Sacks/ HDPE Woven Sacks and Bags. The company was established in 1989 and
exports to USA, Germany, Greece, Holland, Spain, Australia, UAE, Russia, CIS,
African Countries and Bangladesh. Sai Sulphonates
Private Limited Legal Status : Private Limited Company Line of Business : Established in 1987 the company is engaged in
manufacturing of Linear Alkyl Benzene Sulphonic Acid (LABSA), allied
chemicals and detergents. Kamakhay India
Limited Legal Status : Deemed Public Limited Company Line of Business : Established in 1984, the subject is engaged in the
business of manufacturers of Polypropylene/ HDPE Woven Sacks and supplying
their products to multinational companies, cement, sugar, fertilizer etc. Jumac
Manufacturing Private Limited Legal Status : Private Limited Company Line of Business : established in 1973, the subject is engaged in
thebusienss of manufacturers of spares of Jute Mills and Textile Mills. The
main products being Silver Cans, Box Springs, Pentagraph, Springs, Baxter Flyers
etc. Jumac (India)
Private Limited – (Tea Division) Legal Status : Private Limited Company Line of Business : Established in 1984 the subject is engaged in the
business of manufacturers and exporters of high Tea. |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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10.000 |
10.000 |
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2] Reserves & Surplus |
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9.382 |
0.000 |
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NETWORTH |
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19.382 |
10.000 |
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LOAN FUNDS |
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1] Secured Loans |
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61.488 |
10.951 |
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2] Unsecured Loans |
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45.180 |
5.800 |
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TOTAL BORROWING |
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106.668 |
16.751 |
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DEFERRED TAX LIABILITIES |
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0.885 |
0.000 |
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TOTAL |
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126.935 |
26.751 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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35.781 |
9.943 |
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Capital work-in-progress |
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2.357 |
10.949 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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23.663 |
0.000 |
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Sundry Debtors |
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107.356 |
0.000 |
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Cash & Bank Balances |
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1.957 |
1.232 |
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Other Current Assets |
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0.000 |
0.853 |
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Loans & Advances |
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22.721 |
4.382 |
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Total
Current Assets |
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155.697 |
6.467 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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66.380 |
0.768 |
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Provisions |
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0.648 |
0.000 |
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Total
Current Liabilities |
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67.028 |
0.768 |
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Net Current Assets |
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88.669 |
5.699 |
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MISCELLANEOUS EXPENSES |
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0.128 |
0.160 |
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TOTAL |
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126.935 |
26.751 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
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Sales Turnover |
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538.501 |
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Other Income |
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2.072 |
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Total Income |
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540.573 |
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Profit/(Loss) Before Tax |
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10.914 |
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Provision for Taxation |
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1.532 |
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Profit/(Loss) After Tax |
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9.382 |
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Expenditures : |
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Raw Material Consumed |
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482.141 |
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Consumption of stores and spares parts |
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0.566 |
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Loss on sale of Fixed assets |
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0.183 |
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Salaries, Wages, Bonus, etc. |
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1.363 |
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Financial Charges |
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6.794 |
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Depreciation & Amortization |
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1.180 |
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Other Expenditure |
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51.579 |
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Total Expenditure |
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543.806 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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1.73 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
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2.02 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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5.70 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.56 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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10.00 |
2.75 |
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Current Ratio (Current Asset/Current Liability) |
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2.30 |
8.42 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
Name of the Company : A R Sulphonates
Private Limited
Presented by : -- Mr. Sanjeev Fogla
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1. Date and
description of the instrument creating or evidencing the charge
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Memorandum of
entry dated 12.01.2006 executed by A R Sulphonates Private Limited,
(hereafter referred to as “the Company”) in favour of Citi Bank NA (therein
and hereinafter referred to as “the Lender”) |
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2. Amount secured
by the charge /amount owing on security of the charge |
Total combined
credit facilities of Rs. 216.250 millions, granted to the group comprising of
Sai Sulphonates Private Limited, Detchem Private Limited, A R Stanchem
Private Limited and A R Sulphonates Private Limited |
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3. Short
Particular of the property charged. If the property acquired is subject to
change date of acquisition of property should be
given
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Equitable
mortgage on first exclusive charge basis on property including land and
building located at additional Ambernath Industrial Area within village limit
of Jambivali and within limit of Ambernath Municipal Council, Taluka
Ulhasnagar, District Thane, India |
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4. Gist of the
terms and conditions and extent and operation of the charge. |
In consideration
of the lender having agreed to advance to the group comprising of Sai
Sulphonates Private Limited, Detchem Private Limited, A R Stanchem Private
Limited and A R Sulphonates Private Limited, total credit facilities of Rs.
216.250 millions, the company converts inter alia as under: 1] To repay the
facility as mentioned in (2) above and pay interest and all other monies in
the manner set out in the Agreements executed between the company and the
lender and to comply with the term and conditions of the agreements. 2] The said
property mortgage to the lender as and by way of first exclusive charge shall
be security for and be charged with towards the repayments of the credit facilities
as described above along with the interest, liquidated, damages, premia on
repayment or on redemption, costs, charges and other expenses payable to the
lender in respect thereof. 3] Power of
entry, power of take charge and / or possession of, seize, recover, receive,
appoint and sell, contract, dispatch for realization or otherwise dispose of
or deal with all or any part of the said goods, etc, as provided
therein. |
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5. Names, address
and description of the persons entitled to charge |
Citi Bank NA Kanak Building,
41, Chowringhee Road, Kolkata – 700 071, West Bengal, India |
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6. Date and brief
description of instrument modifying the charge |
NA |
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7. Particular of modification specifying the terms and conditions or the
extent or operation of the charge in
which modification is made and
the details of modification |
NA |
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. 43.13 |
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UK Pound |
1 |
Rs. 85.36 |
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Euro |
1 |
Rs. 57.64 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
2 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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42 |
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 |
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|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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