MIRA INFORM REPORT
|
Report Date : |
09.04.2007 |
IDENTIFICATION DETAILS
|
Name : |
S S
FOUNDRY CHEMICAL PRIVATE LIMITED |
|
|
|
|
Registered Office : |
574,
B/1, Moti Ram road, G. T. Road, Shahdara, Delhi - 110032 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
20.06.1988 |
|
|
|
|
Com. Reg. No.: |
55-32142 |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74899DL1988PTC032142 |
|
|
|
|
Legal Form : |
Private
Limited Liability Company |
|
|
|
|
Line of Business : |
Industrial
Gas Plants |
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
60000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject
is well-established and reputed company having satisfactory track records.
Directors are reported as experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are usually
correct and as per commitments. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office : |
574,
B/1, Moti Ram road, G.T.Road, Shahdara, Delhi – 110032, India |
|
Tel. No.: |
91-11-22583963 |
|
Fax No.: |
91-11-22592770 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
A-6/3, Jhilmil Industrial Area,
G.T. Road, Shahdara,
New Delhi- 110 095 (India) |
|
Tel. No.: |
91-11-22583963 / 22583247 / 22134816 |
|
Fax No.: |
91-11-22592770 / 22134814 |
|
E-Mail : |
DIRECTORS
|
Name : |
Mr.
Shyam Sunder Agarwal |
|
Designation : |
Managing
Director |
|
Address : |
Cottage
No.11, Oberoi Apartments, 2, Shamnath Marg, Delhi-110054 |
|
Date of Birth/Age : |
08.07.1936 |
|
Date of Appointment : |
20.06.1988 |
|
|
|
|
Name : |
Mr.
Rajiv Goela |
|
Designation : |
Director |
|
Address : |
C-61, Sector
14, Noida, Ghaziabad-201301, Uttar Pradesh |
|
Date of Birth/Age : |
17.04.1960 |
|
Date of Appointment : |
20.06.1988 |
|
|
|
|
Name : |
Mr.
M.G.K. Rao |
|
Designation : |
Director |
|
Address : |
26,
Manak Vihar, Delhi-110092 |
|
Date of Birth/Age : |
31.08.1935 |
|
Date of Appointment : |
16.08.2005 |
|
|
|
|
Name : |
Mr.
Ashok Kumar |
|
Designation : |
Director |
|
Address : |
Flat
D-502, Plot No.B-21, Ramprastha, Ghaziabad, Uttar Pradesh |
|
Date of Appointment : |
05.07.2004 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
|
Mr.
Shyam Sunder Aggarwal |
901 |
|
Dr.
Manju Aggarwal |
200 |
|
Mrs.
Jayanti Goela |
100 |
|
Mr.
Rajiv Goela |
101 |
|
Mr.
Kartar Singh |
100 |
|
Dr.
Shyam Sunder Agarwal (HUF) |
4100 |
|
Mr. Ajay
Sanghi |
42161 |
|
Foundry
Chemicals India Private Limited |
43900 |
|
|
|
BUSINESS DETAILS
|
Line of Business : |
Industrial
Gas Plants |
GENERAL INFORMATION
|
Bankers : |
UCO Bank,
FCC, Parliament Street, New Delhi-110001, Delhi, India |
|
|
|
|
Banking Relations : |
Satisfactory |
|
|
|
|
Auditors : |
Mr.
Sidhraj Singhee Chartered
Accountants |
|
Address : |
Raymond’s
Building, Main Road, Ranchi-834001, Jharkhand, India |
|
Tel No. : |
91-651-2331053
/ 2331352 |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
100000 |
Equity
Shares |
Rs.10/- each |
Rs.1.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
91563 |
Equity
Shares |
Rs.10/- each |
Rs.0.916 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
0.916 |
0.916 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
14.427 |
11.734 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
15.343 |
12.650 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
3.227 |
17.184 |
|
|
2] Unsecured Loans |
|
0.708 |
2.708 |
|
|
TOTAL BORROWING |
|
3.935 |
19.892 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
19.278 |
32.542 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
3.446 |
3.104 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.317 |
0.317 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
4.917 |
0.000 |
|
|
Sundry Debtors |
|
6.119 |
0.000 |
|
|
Cash & Bank Balances |
|
13.051 |
0.000 |
|
|
Other Current Assets |
|
1.144 |
45.684 |
|
|
Loans & Advances |
|
4.356 |
0.000 |
|
Total Current Assets |
|
29.587 |
45.684 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
14.072 |
16.563 |
|
|
Provisions |
|
0.000 |
0.000 |
|
Total Current Liabilities |
|
14.072 |
16.563 |
|
|
Net Current Assets |
|
15.515 |
29.121 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
19.278 |
32.542 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
|
|
31.03.2006 |
|
|
Sales
Turnover |
|
|
60.494 |
|
|
Other Income |
|
|
|
|
|
Total
Income |
|
|
60.494 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
|
4.321 |
|
|
Provision for Taxation |
|
|
1.627 |
|
|
Profit/(Loss) After Tax |
|
|
2.694 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Cost of Goods Sold |
|
|
|
|
|
Manufacturing Expenses |
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
Raw Material Consumed |
|
|
|
|
|
Purchases made for re-sale |
|
|
|
|
|
Consumption of stores and spares parts |
|
|
|
|
|
Increase/(Decrease) in Finished Goods |
|
|
|
|
|
Salaries, Wages, Bonus, etc. |
|
|
56.173 |
|
|
Managerial Remuneration |
|
|
|
|
|
Payment to Auditors |
|
|
|
|
|
Interest |
|
|
|
|
|
Insurance Expenses |
|
|
|
|
|
Power & Fuel |
|
|
|
|
|
Depreciation & Amortization |
|
|
|
|
|
Other Expenditure |
|
|
|
|
Total
Expenditure |
|
|
56.173 |
|
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
4.45 |
NA |
|
|
|
|
|
|
|
Net
Profit Margin (PBT/Sales) |
(%) |
|
7.14 |
NA |
|
|
|
|
|
|
|
Return
on Total Assets (PBT/Total
Assets} |
(%) |
|
13.08 |
NA |
|
|
|
|
|
|
|
Return
on Investment (ROI) (PBT/Networth) |
|
|
0.28 |
NA |
|
|
|
|
|
|
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
|
1.17 |
2.88 |
|
|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
|
2.10 |
2.76 |
LOCAL AGENCY FURTHER INFORMATION
Business
To
manufacture and deal in gas and chemical and to act as consultants to prepare
project reports to conduct market surveys for establishing industries either for
the company or for other clients, in connection with the aforesaid business.
Website Details :
Profile
It was almost a century ago, in
Rawalpindi in 1923, that they started their operations by producing CO2
gas used to prepare aerated water for English Army. Well, that was the
beginning of their business. Their CO2 plant was the one and only of
its kind in north-west India at that time. It was essentially a bye-product CO2
plant – a rarer breed in those days. And that was the time when they got first
introduced to the idea of industrial bye-product utilization and CO2
extraction without disturbing the environmental equilibrium.
Gaslabs Asia was founded as a wholly owned subsidiary of the parent company to
bring CO2 business into sharper focus because S.S. Foundry Chemical
Industries was getting more and more broad-based in chemical industry. With
their first fully imported German Plant in the first quarter of the 20th
century, production of CO2 has been their passion, pride and core
business.
Along the journey of almost a whole
century, they have graduated from just making CO2 to designing CO2
Recovery and Production Plants and perfected the art of Liquification,
Solidification, Storage, Transport, Delivery and Injection-infusion Systems.
While working on these developments down the years, they studied most modern
foreign technologies but did not forget to incorporate concepts and
requirements of Asian Users. 
Infrastructure
SS Gas Lab has
everything from a well-equipped production unit to skilled professionals that
enable them to manufacture and supply the best quality products. They have a
team of highly qualified professionals that work round the clock to stand apart
in terms of quality. Under the supervision of high-qualified technocrats and
skilled management, they are poised to grow in leaps and bound. Subject also
takes up revamping of older plants and suggests preventive measures in addition
to supplying the skilled workforce consisting of chemists, operators and
engineers etc. to run CO2 plants.
Quality
Quality is one of the major concerns at SS Gas Lab. Regular checks are
conducted through all the processes of production meeting the international standards
of quality and safety. They are an accredited manufacturer and exporter of
several gas plants in India & associates in America, Germany and other
places. The plants made in India make use of world standard raw materials and
components. Their quality products are exported all over the world including
Africa, Middle East, South America, Asia and Europe.
Their Specialization
Gaslabs specializes in making insulated tanks and
boxes to store and transport solid and liquid CO2 in accordance with
the international standards.
Gaslags makes Dry ice plants for industrial use. They
also make small gadgets to make dry ice at laboratory levels. Custom built gas
drying systems, refrigeration systems and filling manifolds are also
manufactured and supplied.
Gaslabs installed plants give the input-output ratio
better than any other plant keeping gas purity level 99.99%
The
Leader
Dr. S.S. Aggarwal is a chemical technologist having
done his M. Tech. From IIT, Bombay and specialization from USSR. As a Technologist
he has been responsible for initiating many new industries in India. IIT,
Bombay, upon recognizing his researches and creative contribution to the field
of chemical engineering has awarded to him the Distinguished Alumnus Award.
Dr. Aggarwal has written numerous research papers and has traveled widely
across the globe. He designed his first CO2 plant at Ranchi in
Jharkhand in 1980 in which wood charcoal was used. The plant was modified to
diesel burning after 3 years and subsequently was switched over to fertilizer
bye-product to run CO2 plant. In 1990, he joined hands with Buse
Anlagenbau, Germany, and brought world-class technologies to India.
The
Philosophy
Strange though it may seem but during technical
consultations and negotiations they prefer to sit on the same side of the table
as their client and find solutions for client's benefit. Gaslabs Asia never
works for a client without devoting its heart and soul. Technologists they are,
and they prefer to remain. Profits alone will never drive them. Having a firm
belief in this philosophy and living it throughout has not been an easy job but
they have lived up to the expectations and really enjoyed it. They make every
effort to carry it forward to the future.
Dry Ice
Plants & Applications
Dry Ice is produced by lowering the pressure of liquid
CO2, through a nozzle or other constriction. A portion of the liquid
CO2 is passed through the nozzle, vaporized and the remaining liquid
is cooled at a very low temperature. This process converts the final material
into snow that is known as “Dry Ice” or Solid Carbon dioxide.
Dry ice is available at a temperature of -80°C. It is regarded as one of the
useful tools that has found several applications in various industrial and
commercial purposes.
Some of the applications are
It lowers the temperature, the dry ice evaporates in
food preservation and transportation processes. It is extensively used for
preservation of meat especially when it is transported to longer distances. In
lowering temperature and Cryo grinding.
Heat Sensitive chemical reactions are carried at lower
temperature. The temperature is lowered by dry ice.
Tempering of blades is primarily done with the use of
dry ice.
Shrink fitting is done by using dry ice for closer
tolerances.
Dry ice is being used for cleaning, blasting, using
small pellets. This is similar to the conventional shot blasting except that
the shot is replaced by small pellets of dry ice. The dry ice evaporates to CO2
gas instead of spoiling environment with sand /solvent /water / metal. Thus, it
is an environmental friendly process and Dry ice blasting is a better
alternative as compared to other traditional cleaning methods.
Some of the benefits of dry ice blasting technology
are
v Decreases
downtime through cleaning in-place
v Causes
faster and more thorough cleaning
v Eliminates
any chances of equipment damage
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.43.15 |
|
UK
Pound |
1 |
Rs.85.22 |
|
Euro |
1 |
Rs.57.63 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
|